Mohit invested ₹ 5,000 on June 5, 2013, at a rate of 8% per annum simple interest. What amount will he be getting on on August 17, 2014?

₹ 5200

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₹ 5600

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₹ 5500

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₹ 5400

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Solution

The correct option is C
₹ 5500

P = ₹ 5000

R = 8%

Calculating time (T)

From June 5, 2013 to June 5, 2014 it one year i.e 365 days

Now, June will have (30 - 5) = 25 days

July - 31 days

August - 17 days

Total days 365 + 25 + 31 + 17 = 438

$= \frac{438}{365} = \frac{5}{4}$ years

S. I $= \frac{P R T}{100} = \frac{5, 000 \times 8 \times 5}{100 \times 4} = 500$

Amount = ₹ 5,000 + ₹ 500 = ₹ 5,500

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