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A man promises to his wife a birthday present, given her each year a number of rupees equal to the number of years in her age. If her birthday falls on August 8, what sum must be placed at simple interest at 7% on January 1 before she is 63 (non leap year) in order to raise the required sum ?
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- ₹ 1600
- ₹ 1550
- ₹ 1500
- ₹ 1450
- ₹ 1600
Correct Option: C
Let the sum be ₹ 100.
Number of days from January 1 to August 8 = 31 + 28 + 31 + 30 + 31 + 30 + 31 + 7 = 219 days
| = | year = | year | ||
| 365 | 5 |
| S.I. on 100 for | year at 7% | |
| 5 |
| = ₹ |  |  | = ₹ | ||
| 100 × 5 | 5 |
| If required money is ₹ | ,sum = ₹ 100 | |
| 5 |
If required money is Rs. 63,
| sum = ₹ | | = 100 × | × 63 | | = ₹ 1500 | |
| 21 |
