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If Rs.7300 is invested for 37 days at 10% per annum, what is the interest earned?

a) Rs.950.27
b) Rs.950.00
c) Rs.938.50
d) Rs.937.50

1 Answer

5 votes

Final answer:

To calculate the interest earned on an investment of Rs.7300 at 10% per annum over 37 days, we use the simple interest formula. The calculation gives us Rs.74.00, which doesn't match any of the provided options.

Step-by-step explanation:

The student question asks, "If Rs.7300 is invested for 37 days at 10% per annum, what is the interest earned?" To calculate the interest, we use the formula for simple interest: I = PRT, where P is the principal amount, R is the rate of interest per year, and T is the time in years.

In this case, P = Rs.7300, R = 10% (or 0.10), and T = 37/365 (since there are 365 days in a non-leap year and the interest is for 37 days).

So, the calculation becomes:
I = 7300 × 0.10 × (37/365) = Rs.73 × 37 = Rs.2701.

However, this result does not match any of the options provided. There seems to be a mistake in the calculation. Let's correct it:

I = 7300 × 0.10 × (37/365) = Rs.730 × (37/365) = Rs.730 × 0.10136986 = Rs.73.9997, which can be approximately Rs.74.00 as interest earned for the 37 days.

Thus, none of the answer choices (a, b, c, d) provided match the correct calculation of the interest earned in the given scenario, assuming simple interest is applied.

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