What amount Rajiv will receive if he invests ₹ 10,000 at a rate of 10% per annum simple interest on April 18, 2020, if he invests the money on September 12, 2017

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Solution

Given P = ₹ 1000

R = 10%

Calculating time (T)

Sept 12, 2017 to Sept 12, 2019 is 2 years.

Now, remaining days

Sept 30 - 12 = 18 days

Oct - 31 days

Nov - 30 days

Dec - 31 days

Jan - 31 days

Feb - 29 days (leap year)

Mar - 31 days

April - 18 days

Total remaining days = 219 days $= \frac{219}{365}$ = 0.6years

So, T = 2 + 0.6 = 2.6

S.I = $\frac{P \times R \times T}{100} = \frac{10, 000 \times 10 \times 2.6}{100} = ₹ 2600$

Amount = P + S.I = ₹ 10,000 + ₹ 2600 = ₹ 12,600

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