Question

How much interest will you earn if your saving bank account has Rs. $10,000,000$ for $20$ days at $3\%$ per annum is deposited.

• A. $1,043.83$
• B. $1,243.83$
• C. $1,643.83$
• D. $1,603.83$

Answer 1

The correct option is C $1,643.83$

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 $=$ $\frac{3}{365}$
$=$ $\frac{10,000,000\times 20\times 3}{100\times 365}$
$=1,643.83$