Question

find the compound interest on rupees 16000 at 6% per annum for 2years 6 months, interest compound yearly.​

Answer 1

Answer:

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.