The principal which gives Rs 1 interest per day at a rate of 5% simple interest per annum is = ?

Solution(By Examveda Team)

$$\eqalign{ & {\text{According to the question,}} \cr & {\text{Interest = Rs}}{\text{. 1 per day}} \cr & \therefore {\text{Interest in one year}} \cr & {\text{ = 1}} \times {\text{365 = Rs}}{\text{. 365}} \cr & \therefore {\text{S}}{\text{.I}}{\text{. = }}\frac{{{\text{P}} \times {\text{T}} \times {\text{R}}}}{{100}} \cr & \Rightarrow 365 = \frac{{{\text{P}} \times 5 \times 1}}{{100}} \cr & \Rightarrow {\text{P}} = \frac{{365 \times 100}}{5} \cr & \Rightarrow {\text{P}} = {\text{Rs}}{\text{. 7300}} \cr} $$