Question

If the interest of ₹ 292 in 1 day is 5 paise, then let us write by calculating the rate of simple interest in per cent per annum.

  • Simple Interest
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Answer

Principal (P) = ₹ 292

Simple Interest (I) = 5 p

Time (t) = 1 day = \frac{1}{365} years

Rate = \frac{Interest×100}{Principal×Time}

Rate = \frac{5×100}{292×{\frac{1}{365}}}

∴ Rate = \frac{25}{4} = 6\frac{1}{4}%

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