Question

At what rate per annum rs. 32000 will give an interest of 5044/- in a time period of 9 months when the interest is compounded quarterly? A

Answer 1

"The answer to this question is option A, which is  20%.

We are rate the CI rate as R% per annum. The formula of CI is given below.

The rate of interest is quarterly compounded. Once we substituted the value, we can get the following step.

R/400 = 1/20

R = 400/20

R = 20%

Therefore, the option A is the right answer.

"