3. Calculate the amount and the compound interest on ? 16,000 for 9 months, if the interest is
compounded quarterly at 16% per annum.
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Answer:
It's is the right answer
Step-by-step explanation:
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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