Find the simple interest on ₹1300 from December 24, 2002, to May 18, 2003, at an interest rate of $7 \frac{1}{2} % .$ per annum.

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Solution

$P = ₹ 1300, R = \frac{15}{2} %$

To calculate Time (T)

Dec = 8 days (24 december to 31 december)

Jan = 31 days

Feb = 28 days

March = 31 days

April = 30 days

May = 18 days

Total 146 days

So, $T = \frac{146}{365}$ years = $\frac{2}{5}$ years

S.I = $\frac{P R T}{100} = \frac{1300 \times 15}{100 \times 2} \times \frac{2}{5} = ₹ 39$

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