Question
The compound interest on a sum of Rs 5000 at 8% per annum for 9 months when interest is compounded quarterly is = ?
Answer: Option C
In one year there are 4 quarterly months.
∴ 9 month = 3 quarter
New Rate of Interest = $$\frac{8}{4}$$ = 2%
i.e 2% = $$\frac{1}{50}$$
Total CI = (100 + 100 + 100) + (2 + 2 +2) + 0.04
= Rs.306.04
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In one year there are 4 quarterly months.
∴ 9 month = 3 quarter
New Rate of Interest = $$\frac{8}{4}$$ = 2%
i.e 2% = $$\frac{1}{50}$$
Total CI = (100 + 100 + 100) + (2 + 2 +2) + 0.04
= Rs.306.04
Was this answer helpful ?
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