Question

Find the simple interest on 5,000 at 8 p.c.p.a. for 219 days.

Answer 1

Answer:

B

Step-by-step explanation:

Average Number of days in year = [(3×365)+ 366]÷4

= 365.25 days per year

If there are 365.25 days in a year,

1 day will be 1/365.25 of a year

Therefore, 219 days will be

219/365.25 of a year

Simple Interest = Principal × Interest Rate× Time

= (5000 × 8 × 219)÷(100×365.25)

= 240