Question

Find the compound interest on rs.15,000 at 16% per annum for 9 months, compounded quarterly

Answer 1

Heya

Formula for Compound Interest calculated quarterly :
$c.i. = p(1 + \frac{r}{400} )^{t}$

where 't' is the number of quarters

Now,

p = RS. 15000
R = 16%
t = 3

Thus,
$c.i. = 15000(1.04)^{3} = 16872.96$


Hence, the Compound Interest is : Rs. 16872.96 for 9 months calculated quarterly

Answer 2

Explanation:

Correct option is

C

Rs. 1951

Given,

Principal = Rs.15625

Time = 9 months = 3 Quarters

Rate of interest = 16 % per annum = 4 % per quarter

To find out the Compound Interest, we first need to the find out the Amount.

Amount = 15625×(1+1004)3

= 15625×100104×100104×100104

= 15625×2526×2526×2526

= 17576

C.I. = 17576−15625 = Rs.1951