Question
The compound interest on Rs.8,000 at 15% per annum for 2 years 4 months, compounded annually is:
Answer: Option C
Answer: (c)Using Rule 1,Amount = P$(1 + R/100)^t$= 8000$(1 + 15/100)^{2{1}/3}$= 8000$(1 + 3/20)^2(1 + 3/{20 × 3})$= $8000 × 23/20 × 23/20 × 21/20$ = Rs.11109Compound Interest= Rs.(11109 - 8000) = Rs.3109.
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Answer: (c)Using Rule 1,Amount = P$(1 + R/100)^t$= 8000$(1 + 15/100)^{2{1}/3}$= 8000$(1 + 3/20)^2(1 + 3/{20 × 3})$= $8000 × 23/20 × 23/20 × 21/20$ = Rs.11109Compound Interest= Rs.(11109 - 8000) = Rs.3109.
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