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Find the simple interest (in closest integral ₹) on ₹4000 at 5.25% per annum rate of interest for the period from 11 February 2024 to 12 April 2024
34
35
33
36
35
Calculate days precisely: 18 days in Feb (leap year 2024 has 29 days), 31 in March, 12 in April. Total = 61 days. SI=4000×0.0525×(61/366)=210×(1/6)=35.
Principal P = ₹4000, Rate R = 5.25% per annum, Time period = 11 Feb 2024 to 12 April 2024
SI=100P×R×T, where T is in years
Calculate days precisely: 18 days in Feb (leap year 2024 has 29 days), 31 in March, 12 in April. Total = 61 days. SI=4000×0.0525×(61/366)=210×(1/6)=35.
2024 is a leap year; therefore, February has 29 days. Failing to account for this or incorrectly counting the days (exclusive vs inclusive) leads to calculation errors.
Calculate Total Number of Days
Since 2024 is a leap year, February has 29 days. Time = (29-11) days in Feb + 31 days in Mar + 12 days in Apr = 18 + 31 + 12 = 61 days.
T=61 days=36661 years
Apply Simple Interest Formula
Plug P = 4000, R = 5.25%, and T = 61/366 into the formula.
SI=100×3664000×5.25×61
Solve the Calculation
Calculate the value: SI=40×5.25×(61/366)=210×(1/6)=35.
SI=35
B is correct because the calculated simple interest for the 61-day duration in a leap year is exactly ₹35.
In interest problems involving daily rates, always check for leap years (divisible by 4) to determine if the denominator for days is 365 or 366.
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