Q.At an annual simple interest rate of \(6\cfrac{1}{4}\%\), how much principal amount will yield a daily interest of 1 rupee? (a) ₹ 5840 (b) ₹ 6400 (c) ₹ 5000 (d) ₹ 6000
Answer: A
Time \((t)=\cfrac{1}{365} \) years
Rate of interest \((r)= 6\cfrac{1}{4} \%=\cfrac{25}{4}\%\)
Interest amount \((I)= 1 \) rupee

\(\therefore\) Principal \((p)=\cfrac{100\times I}{tr}\)

\(=\cfrac{100\times 1}{\cfrac{1}{365}\times \cfrac{25}{4}}\)

\(=\cfrac{100\times 365\times 4}{25}\)

\(=5840\) rupees

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