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Find the compound interest on Rs. 16,000 at 20% per annum for 9 months, compounded quarterly

2422
2522
2622
2722

Correct Answer: 2522

Explanation:

Principal = Rs. 16000; Time = 9 months =3 quarters;
Rate = 20% per annum = 5% per quarter.
Amount = Rs. [16000 x (1+(5/100))3] = Rs. 18522.

CJ. = Rs. (18522 - 16000) = Rs. 2522

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