Question

If an equal amount is withdrawn by a partner in each month during a period of 6 months ending 31st March, 2024, interest on the total amount will be charged for ______ months.

Options

• 6

• 3

• 2.5

• 3.5

Answer 1

If an equal amount is withdrawn by a partner in each month during a period of 6 months ending 31st March, 2024, interest on the total amount will be charged for 3 months.

Explanation:

Average period = `("Time left after first drawing" + "Time left after last drawing")/2`

= `(5.5  "months" + 0.5  "months")/2`

= `(6  "months")/2`

= 3 months