Q:
Find the compound interest on Rs.16,000 at 20% per annum for 9 months, compounded quartely.
Answer & Explanation
Answer: A) Rs.2522
Explanation:
Principal = Rs.16,000;
Time=9 months = 3 quarters;
Amount
=Rs.[16000x(1+5/100)³] =[16000x21/20x21/20x21/20]
= Rs.18522.
C.I
= Rs.(18522 - 16000)
= Rs.2522.
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