Question

What amount will Reena get by investing $Rs.4500$ at $\frac{9}{2}\%$ per annum for the period from September 8 to November 20 of the year 2015.

Answer 1

From September 8 to November 20, number of days $=73$ days

The days must be converted into years = no of days divided by the total no of days in the year.

No. of years $=\frac{73}{365}=0.2$ years

Interest earned $=\frac{PRT}{100}$

$=\frac{4500\times 9\times 0.2}{2\times 100}$

$=Rs.40.5$

Amount earned $=4500+40.5=Rs.4540.50$