What will be the simple interest on Rs. 700 at 9% per annum for the period from February 5, 1994 to April 18, 1994?

A. Rs. 12.60

B. Rs. 11.30

C. Rs. 15

D. Rs. 13

E. None of these

Answer: Option A

Solution(By Examveda Team)

$$\eqalign{ & {\text{Here,}}\,{\text{time}}\,{\text{interval}}\,{\text{is}}\,{\text{given}}\,{\text{as}}\, \cr & {\text{February}}\,5,\,1994\,{\text{to}}\,{\text{April}}\,18,\,1994 \cr & = 73\,{\text{days}} = \frac{{73}}{{365}} = 0.2\,{\text{years}}. \cr & {\text{Now}}\,{\text{interest}} = \frac{{PTR}}{{100}} \cr & = \frac{{ {700 \times 9 \times 0.2} }}{{100}} \cr & = Rs.\,12.60 \cr} $$