The sum of money that will give Rs.1 as interest per day at the rate of 5% per annum at simple interest is:
Answer & explanation
Correct answer: option 4
SI = \(\frac{PRT}{100}\)
SI = 1 Per day
SI for 365 days = Rs.365
365 = \(\frac{P\;×\;5\;×\;1}{100}\)
P = Rs.7300