Question

How much would Rs. 36,525 amount to if it was invested at $7\frac{2}{3}$ p.a. from 15 October 2007 to 9 march 2008?

Answer 1

$P=$Rs. $36,525$,

$R=7\frac{2}{3}\%=\frac{23}{3}\%$

Time: $15$ oct $2007$ to $9$ March $2008=4$ months $23$ days

$=4$ months$+\frac{23}{30}$months$=\frac{120+23}{30}$ months

$=\frac{143}{30}$ months

$=\frac{143}{30}\times \frac{1}{12}$ years$=\frac{143}{360}$ years

$\therefore$ Simple Interest$=\frac{P\times R\times T}{100}=\frac{36,525\times \frac{23}{3}\times \frac{143}{360}}{100}$

$=$Rs. $1082.601$

Amount$=SI+P$

$=1082.60+36,525$

$=$Rs. $37607.60$.