The interest on ₹ 350 at 5% per annum for 73 days is ₹ 35.

Question

State whether the statement are True or False.

The interest on ₹ 350 at 5% per annum for 73 days is ₹ 35.

Answer 1

False

From the question it is given that, P = ₹ 350, R = 5%, T = 73 days = 73/365

As we know that,

I = (P × R × T)/100

I = (350 × 5 × 73)/ (100 × 365)

I = ₹ 3.5