Question

14. Find the compound interest (reckoned yearly) on Rs. 2400 at 10% p.a. for 2
years 4 months.
A) Rs. 3000.80 B) Rs. 400.80
C) Rs. 600.80
D) Rs. 700​

Answer 1

Compound interest (reckoned yearly) on Rs. 2400 at 10% p.a. for 2

years 4 months is Rs  600.80

P = 2400

R = 10%

T = 2 years 4 months

SI = P * R * T/100

Amount = P + SI

Interest in first year = 2400 * 10 * 1/100  = 240 Rs

Amount after 1 year = 2400 + 240 = 2640 Rs

Interest in 2nd year = 2640 * 10 * 1/100 = 264 Rs

Amount after 2nd year = 2640 + 264 = 2904 Rs

Interest in next 4 months (1/3 Years)

Interest in next 4 months = 2904 * 10 * 1/300  = 96.8 Rs

Total Interest = 240 + 264 + 96.8  = 600.8  Rs

Correct option is C) Rs. 600.80