What is the simple interest on Rs. 18,250 at 8% per annum for 146 days?
Correct answer A. Rs. 584
Explanation
T = 146/365 = 0.4 year. SI = 18250 × 8 × 0.4 / 100 = Rs. 584. Days must always be converted to years by dividing by 365 before using the formula.
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