Question

Find compound interest on rs.8000 at 15% per annum for 2 years,4 months compounded annually

Answer 1

Answer:3,109

Explanation

for first two years CI = 1200+1200+180=2580

last year CI= 1200+180+180+27= 1587

but question asked for last 4 months

for last 4 months CI= (1587/12)*4=529

total compound interest= 2580+529=3109