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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 23 February 2024 to 24 April 2024
38
39
41
40
40
Notice that 61 days is around 61 of a year. Simple interest for a full year is 3000×8%=240. So, for 61 days, SI≈6240=40.
Principal P = ₹3000, Rate R = 8% per annum, Period = 23 February 2024 to 24 April 2024 (2024 is a leap year).
SI=1000P×R×T
Notice that 61 days is around 61 of a year. Simple interest for a full year is 3000×8%=240. So, for 61 days, SI≈6240=40.
Forgetting that 2024 is a leap year (February has 29 days, total days in year = 366) and counting both start and end dates inclusive, leading to incorrect day count.
Calculate total number of days
Since 2024 is a leap year, February has 29 days. Days remaining in Feb = 29−23=6 days. March = 31 days. April = 24 days. Total days = 6+31+24=61 days.
T=6+31+24=61 days
Convert days to years
In a leap year, there are 366 days in total. Therefore, time in years is T=36661=61 year.
T=36661=61 year
Apply Simple Interest formula
Substitute P=3000, R=8%, and T=61 into the simple interest formula SI=100P×R×T.
SI=100×63000×8×1
Calculate the final interest
Simplifying the expression yields SI=630×8=5×8=40.
SI=₹40
D is correct because calculating interest for 61 days out of 366 days in leap year 2024 yields exactly ₹40.
Always check if the given year is divisible by 4 (a leap year like 2024) when dates in February are involved, as it alters the denominator from 365 to 366.
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