Multiple choice

The sum of money that will give $Rs.\,1$ as simple interest per day at the rate of $5\%\,p.a.$ is

  1. $\;Rs.\,730$
  2. $\;Rs.\,3650$
  3. $\;Rs.\,7300$
  4. $\;Rs.\,36500$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Interest = 1 per day, so 365 per year. P * R * T / 100 = 365. P * 5 * 1 / 100 = 365. P = 36500 / 5 = 7300.

AI explanation

Using the simple interest formula where interest is Re. 1 per day, the total interest for a 365-day year is Rs. 365. We set up the equation 365 equals (Principal times 5 times 1) divided by 100, which simplifies to Principal equals (36500) divided by (5). The required sum is Rs. 7300.

Keep practicing — related questions