Question : When drawings are made at the end of every month of certain amount, then interest will be calculated on total drawings for:
Option 1: 6.5 months
Option 2: 6 months
Option 3: 5.5 months
Option 4: 1 month
Answer (1)
25th Jan, 2024
Correct Answer: 5.5 months
Solution :
Time period = (Time left after 1st drawing + Time left after last drawing)/2 = (11 + 0)/2 = 11/2 = 5.5 months.
Hence, the correct option is 3.
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