What will be the compound interest on a sum of 31,250 for 2 years at 12% p.a., if the interest is compounded 8-monthly?
1) 8106₹
2) 8116₹
3) 8156₹
4) 8016₹
Answers
Answered by
11
The "option (2) ₹ 8116" is the correct.
Step-by-step explanation:
Given,
Principal (P) = ₹ 31,250, Rate(r) = 12 × % = 8 % per 8-months, Time(n) = 2 years = 3 Eight-monthly
∴ Amount(A) =
=
=
= ₹ 2 × 27 × 27 × 27
= ₹ 2 × 19,683
= ₹ 39,366
∴ Compound interest (CI) = Amount - Principal
= ₹ 39,366 - ₹ 31,250 = ₹ 8116
Hence, the "option (2) ₹ 8116" is the correct.
Answered by
3
Answer:
8116 is the correct answer
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