Join 60,000+ competitive exam aspirants
or with email
Your Cart
Subtotal₹0
Total₹0
Examoogle • User • info@examoogle.com • EE-2024-8821
Chapter 1 of 12 • Page 1 of 248🔒 Protected PDF • Watermarked
Join 60,000+ competitive exam aspirants
Find the simple interest (in closest integral ₹) on ₹4000 at 5.25% per annum rate of interest for the period from 3 February 2024 to 4 April 2024
33
35
34
36
35
Calculate the total days: 2024 is a leap year. Feb (29-3=26 days) + March (31 days) + April (4 days) = 61 days. Then 100×3664000×5.25×61 simplify as 36640×5.25×61 which approximates to 35.
Principal P = ₹4000, Rate R = 5.25% p.a., Time period = 3 Feb 2024 to 4 April 2024.
SI=100P×R×T
Calculate the total days: 2024 is a leap year. Feb (29-3=26 days) + March (31 days) + April (4 days) = 61 days. Then 100×3664000×5.25×61 simplify as 36640×5.25×61 which approximates to 35.
2024 is a leap year (divisible by 4), so February has 29 days instead of 28. Also, ensure the interest period is calculated correctly as 36661 of a year.
Calculate total number of days
Since 2024 is a leap year, February has 29 days. Days = (29 - 3) in February + 31 in March + 4 in April.
26+31+4=61 days
Convert days to years
To use the SI formula, time must be in years. Use the leap year base of 366 days.
T=36661=61 years
Calculate Simple Interest
Substitute values into the formula: SI = (4000 * 5.25 * (1/6)) / 100.
SI=100×64000×5.25=640×5.25=6210=35
B is correct because the simple interest calculated for 61 days in a leap year at 5.25% on ₹4000 is exactly ₹35.
Always verify if the year is a leap year in interest problems spanning February; a standard year (365) vs leap year (366) error is a common distractor in banking exams.
Get instant step-by-step AI explanations, full shift Previous Year Papers (SSC GD, RRB, SSC JE), and regional rank analysis on the official Examoogle App.
Free Download • 100K+ Aspirants