Question

Find compound interest on Rs. 8000 at 15% per annum for 2 years 4 months, compounded annually
options: (i) 3108 (ii) 3109 (iii) 3000​

Answer 1

Given :

• compound interest on Rs. 8000 at 15% per annum for 2 years 4 months

To find :

• Find compound interest

Solution :

principal = 8000

Rate = 15

Time = 2 Years 4 months

12 month CI for 3rd year

= 1200 + 180 x 2 + 27

= 1200 + 360 + 27

12 months CI for 3rd year

= 1857

4 months CI for 3rd year

= 1857/12 x 4

= 529

total CI = 1200 x 2 + 180 + 529

= 3109

Answer 2

Please refer to the attachment