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

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

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.

Rs.2522
Rs.2422
Rs.3522
Rs.2322

Correct Answer: 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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