Multiple choice

Find simple interest on Rs. 7300 at 12% p.a for the period from 5th January, 2007 to 18th April, 2007.

  1. Rs. 247.20

  2. Rs. 284.20

  3. Rs. 294.20

  4. Rs. 264.20
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A Correct answer
AI explanation

The time period from 5th January to 18th April in a non-leap year is calculated as 26 days in January, 28 in February, 31 in March, and 18 in April, totaling 103 days. Convert this time into years by dividing by 365, which gives 103/365 years. Using the simple interest formula of (Principal multiplied by Rate multiplied by Time) divided by 100, the calculation is (7300 multiplied by 12 multiplied by 103) divided by (100 multiplied by 365). This simplifies exactly to 247.20 rupees.

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