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Examoogle • User • info@examoogle.com • EE-2024-8821
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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
40
39
41
38
40
Calculate the total number of days between the dates, keeping in mind that 2024 is a leap year (February has 29 days), then divide by 366 to get the time in years.
Principal P = ₹3000, Rate r = 8% per annum, Start Date = 22 February 2024, End Date = 23 April 2024.
SI=100P×R×T
Calculate the total number of days between the dates, keeping in mind that 2024 is a leap year (February has 29 days), then divide by 366 to get the time in years.
Students often use 365 days instead of 366 days because 2024 is a leap year, and they may incorrectly include both the start and end dates in the count instead of just one.
Calculate number of days
2024 is a leap year. February remaining days = 29 - 22 = 7 days. March = 31 days. April = 23 days. Total days = 7 + 31 + 23 = 61 days.
Time=61 days
Convert time to years
Since the year is a leap year (366 days), convert the duration into years.
T=36661=61 years
Calculate Simple Interest
Substitute P = 3000, R = 8, and T = 1/6 into the SI formula.
SI=100×63000×8×1=30×68=30×1.333=40
A is correct because the calculated simple interest for 61 days on ₹3000 at 8% per annum is exactly ₹40.
Always verify if the given year is a leap year (divisible by 4) when dealing with interest calculations spanning February, as using 365 vs 366 can alter the result.
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