Q.What principal amount will generate ₹1 as simple interest for 1 day at an annual rate of 10%? (a) ₹7300 (b) ₹1825 (c) ₹3650 (d) ₹10950
Answer: C
Time \((t) = \cfrac{1}{365}\) years
Interest rate \((r) = 10\%\)
Total interest amount \((I) = ₹1\)
\(\therefore\) Principal amount \((p) = \cfrac{100 \times I}{t \times r}\)
\(= \cfrac{100 \times 1}{\cfrac{1}{365} \times 10}\)
\(= 3650\) rupees.
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