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The simple interest on Rs.500 at 6% per annum from May 3rd to July 15th in the same year is_________?

Correct answer: B. Rs.6

  • A. Rs.8
  • B. Rs.6
  • C. Rs.4
  • D. Rs.9

Explanation

Using the ordinary convention of excluding the starting date, the period from May 3 to July 15 is 28 days of May, 30 days of June, and 15 days of July, for 73 days. SI = Rs. 500 x 6/100 x 73/365 = Rs. 6. Option a, Rs. 8, commonly comes from counting the days incorrectly or using a wrong year fraction.

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