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Find the simple interest (in closest integral ₹) on ₹3000 at 8% per annum rate of interest for the period from 25 February 2024 to 26 April 2024
41
39
38
40
40
Calculate total days: Feb has 4 days remaining (29-25), March has 31, April has 26. Total = 61 days. SI=100×3663000×8×61=36630×8×61=366240×61=6140×61=40.
Principal P = ₹3000, Rate R = 8% per annum, Time period = 25 February 2024 to 26 April 2024.
SI=100P×R×T, where T is in years.
Calculate total days: Feb has 4 days remaining (29-25), March has 31, April has 26. Total = 61 days. SI=100×3663000×8×61=36630×8×61=366240×61=6140×61=40.
2024 is a leap year, so February has 29 days instead of 28. Also, ensure the interest period calculation (25th Feb to 26th April) includes or excludes the correct boundary dates based on the standard convention.
Calculate the number of days
Since 2024 is a leap year, February has 29 days. Days = (29 - 25) + 31 + 26 = 61 days.
T=61 days=36661 years
Apply SI formula
Using the formula SI=100P×R×T with P=3000, R=8, and T=1/6.
SI=100×3663000×8×61
Simplify calculation
Reducing the fraction: SI=30×8×36661. Since 61×6=366, we get SI=6240=40.
SI=40
D is correct because the calculated simple interest for 61 days in a leap year is exactly ₹40.
Always check for leap years (divisible by 4) in date-based interest problems, as 366 vs 365 days significantly affects accuracy in banking-related arithmetic.
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