Multiple choice

Find the interest and the amount, respectively on : Rs.$5,000$ at $8\%$ per year from $23^{rd}$ December $2003$ to $29^{th}$ July $2004$.

  1. Rs. $240$ and Rs. $5,640$
  2. Rs. $170$ and Rs. $4,970$
  3. Rs. $170$ and Rs. $5,270$
  4. Rs. $240$ and Rs. $5,240$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Time from Dec 23, 2003 to July 29, 2004: Dec(8) + Jan(31) + Feb(29) + Mar(31) + Apr(30) + May(31) + Jun(30) + Jul(29) = 219 days. Interest = (5000 * 8 * 219) / (100 * 366) = 239.34, approx 240. Amount = 5000 + 240 = 5240.

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