Question

Find compound interest on Rs. 8000 at 15$\%$ per annum for 2 years 4 months, compounded annually.

• A. 3109
• B. 3200
• C. 3181
• D. 3901

Answer 1

The correct option is A

3109

$Time=2years4months$ = $2\left(\frac{4}{12}\right)years=2\frac{1}{3}years$

$Amount=Rs.[8000\times (1+\frac{15}{100}{)}^2\times (1+(\frac{1}{3}\times 15\left)\right)]=Rs.(8000\times \frac{23}{20}\times \frac{23}{20}\times \frac{21}{20})=Rs.11109$.

$\therefore C.I.=Rs.(11109-8000)=Rs.3109$.