Question

Find the compound interest on Rs 31250 at 8% per annum for $2\frac{3}{4}$ years

• A. Rs 8637
• B. Rs 7387
• C. Rs 1250
• D. None of these

Answer 1

The correct option is B Rs 7387

P=Rs. 31250,R=8%,$T=2times\frac{3}{4}$,A=?
$A=P(1+\frac{R}{100})$
$\Rightarrow 31250{(1+\frac{8}{100})}^{2\frac{3}{4}}$
$\Rightarrow 31250\times \frac{108}{100}\times \frac{108}{100}\times \frac{106}{100}$
$\Rightarrow Rs.38637$
$C.I=A-P$
$=38637-31250=Rs.7387$