Find the simple interest (in closest integral ₹) on ₹3000 at 8% per annum rate of interest
for the period from 22 February 2024 to 23 April 2024
Correct Answer:
A. 40
Explanation:
The time duration from February 22 to April 23, 2024, equals 61 days (7 days in February, 31 in March, and 23 in April). Because 2024 is a leap year, the time is 61/366 years. Using the simple interest formula (Principal x Rate x Time / 100), the calculation (3000 x 8 x 61) / (100 x 366) results in an interest amount of 40.
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