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Question
If an equal amount is withdrawn by a partner in the beginning of each month during a period of 6 months ending 31st March, 2024, interest on the total amount will be charged for ______ months.
Options
2.5
3
3.5
6
MCQ
Fill in the Blanks
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Solution
If an equal amount is withdrawn by a partner in the beginning of each month during a period of 6 months ending 31st March, 2024, interest on the total amount will be charged for 3.5 months.
Explanation:
When equal amounts are withdrawn at the beginning of each month for 6 months, the periods for which the amounts remain in the business are 6, 5, 4, 3, 2 and 1 months.
Average period = `(6 + 5 + 4 + 3 + 2 + 1)/6`
= `21/6`
= 3.5 months
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