What is the simple interest on Rs. 500 at 6% per annum from May 3rd to July 15th of the same year_________?
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Answer: B. Rs.6
Explanation
Calculating the exact number of days between May third and July fifteenth yields a total duration of seventy three days. The simple interest formula multiplies the principal amount by the annual interest rate and time period. Dividing the product by one hundred and three hundred sixty five yields the final interest amount of six rupees. Simple interest is calculated uniformly over time based exclusively on the original principal amount borrowed or invested. Time for interest calculations involving days is expressed as a fraction of a standard three hundred sixty five day year. Month day counting conventions require summing the remaining days in May alongside full days in subsequent months.
Eight rupees is an incorrect calculation resulting from improper day counting or erroneous rate multiplication steps. Four rupees underestimates the correct interest accrued over the full seventy three day duration period. Nine rupees overestimates the interest earned by misapplying the time fraction within the simple interest formula.
- Subject
- Mathematics
- Category
- Mathematics
- Topic
- —
- Difficulty
- medium
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