Final answer:
The interest earned is approximately Rs. 29.22.
Step-by-step explanation:
To calculate the interest earned, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
- A is the total amount
- P is the principal amount (initial deposit)
- r is the annual interest rate (in decimal form)
- n is the number of times interest is compounded per year
- t is the time in years
In this case, the principal (P) is Rs. 480, the annual interest rate (r) is 6%, and the time (t) is 288 days, which is equivalent to 288/365 years.
Plugging in the values, we have:
A = 480(1 + 0.06/1)^(1*(288/365))
A = 480(1 + 0.06)^(288/365)
A = 480(1.06)^(0.789041096)
A ≈ 480(1.0625672) ≈ 509.21612
The interest earned is the total amount minus the principal amount:
Interest = A - P = 509.21612 - 480 = 29.21612 ≈ Rs. 29.22
Therefore, the correct answer is not listed among the options provided. The interest earned is approximately Rs. 29.22.