Question

A sum of Rs. 9830 was lent on 14th January and it amounted to Rs. 10075.75 on 9th June of the same year. At what rate $\%$ p.a the money was lent if the year may not be a leap year.

Answer 1

Time period = 14th January to 9th June
$\Rightarrow$ Total no. of days = 17 + 28 + 31 + 30 + 31 + 9
Jan Feb Mar Apr May Jun
=146 days $=\left(\frac{146}{365}\right)year$
Interest = 10075.75 - 9830 = 245.75 Rs
$\therefore S.I=\frac{P\times R\times T}{100}$
$\Rightarrow 245.75=\frac{9830\times R\times 146}{100\times 365}$
$\Rightarrow R=\frac{245.75\times 100\times 365}{9830\times 146}=6.25\%$