Compound Interest

Quantitative Aptitude (SBI-PO)

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

2109

2509

3109

3509

Explanation:

Time = 2 years 4 months = 2(4/12) years = 2(1/3) years.
Amount = Rs'. [8000 X (1+(15/100))^2 X (1+((1/3)*15)/100)]
=Rs. [8000 * (23/20) * (23/20) * (21/20)]
= Rs. 11109. .
:. C.I. = Rs. (11109 - 8000) = Rs. 3109.

Hence, option 3 is the correct answer.

By: Amit Kumar

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