Question

How much interest will you earn if your saving bank account has Rs. $1,000,000$ for $12$ days at $3\%$ per annum is deposited.

• A. $264.38$
• B. $364.38$
• C. $464.38$
• D. $986.30$

Answer 1

The correct option is D $986.30$

Using the formula,
Saving account interest $=$ Principal or amount in the account $\times$ Number of days $\times$ Daily Interest Rate
At $3\%$ daily interest rate $=$ $\frac{3}{365}$
$=$ $\frac{1,000,000\times 12\times 3}{100\times 365}$
$=986.30$