The Compound interest on Rs 16000 for 9 months at 20% P.a compounded quarterly

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Question

The Compound interest on Rs 16000 for 9 months at 20% P.a compounded quarterly is:

Options:

A . Rs 2518

B . Rs 2520

C . Rs 2522

D . Rs 2524

Answer: Option C

P = Rs 16000, R = (10/2)%
per quarter, t = 3 quarters
C.I = Rs [16000 Ã— (1+ 5/100)³-16000)
= Rs [16000 Ã— 21/20 Ã—21/20Ã— 21/20- 16000)
=Rs (18522-16000)=Rs 2522

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