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Question
Find the interest and the amount on:
₹ 5,000 at 8% per year from 23rd December 2011 to 29th July 2012.
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Solution
Given: Principal (P) = ₹5000
Rate (R) = 8% p.a.
Time (T) = 23 December 2011 to 29 July 2012
| Dec. | Jan. | Feb. | March | April | May | June | July |
| 8 | 31 | 29 | 31 | 30 | 31 | 30 | 29 |
Total of 219 days =`219/365`years
∴ S.I. = `(P xx R xx T)/100`
= `(5000 xx 8 xx 219)/(100 xx 365)`
= `(5000 xx 8 xx cancel(219)^3)/(100 xx cancel(365)^5)`
= `(5000 xx 8 xx 3)/(500)`
= `(cancel(5000)^10 xx 8 xx 3)/cancel(500)`
= 10 × 8 × 3
= ₹ 240
∴ Amount = P + I
= ₹ 5000 + 240
= ₹ 5240
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