Question

The compound interest on Rs. $24,480$ at $6\frac{1}{4}\%$ per annum for $2$ years $73$ days, is:

• A. Rs. $2,929$
• B. Rs. $3,000$
• C. Rs. $3,131$
• D. Rs. $3,636$

Answer 1

Answer: (A)

Rs. $2,929$

$Time=2\frac{73}{365}years=2\frac{1}{5}$ years.

P=Rs. 24,480, R=$\frac{25}{4}$%
$\therefore$ Amount = Rs. $[20480\times {(1+\frac{25}{4\times 100})}^2(1+\frac{\frac{1}{5}\times \frac{25}{4}}{100})]$
= Rs. $\left(20480\times \frac{17}{16}\times \frac{17}{16}\times \frac{81}{80}\right)$
= Rs. 23,409
$\therefore$ C.I. Rs. (23409 - 20480) = Rs. 2,929.