Multiple choice

Find the simple interest and amount of $5500$ for $2\ years\ 3\ months$ at $7\cfrac{1}{2}$ per annum.

  1. $Rs.\ 928.125$
  2. $Rs.\ 908.125$
  3. $Rs.\ 948.125$
  4. $Rs.\ 968.125$
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A Correct answer
AI explanation

Convert the time period of 2 years and 3 months into a decimal, which is 2.25 years, and convert the rate to 7.5 percent. Using the simple interest formula SI = P * R * T / 100, we calculate the interest as 5500 * 7.5 * 2.25 / 100. Multiplying these values gives 5500 * 16.875 / 100, resulting in a simple interest of Rs. 928.125.

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