Compound Interest

Quantitative Aptitude ( CCS)

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The compound interest on Rs. 16000 for 9 months at 20% per annum, interest being compounded quarterly is

Rs. 2520

Rs. 2524

Rs. 2522

Rs. 2518

Explanation:

Principal = Rs. 16000
Rate% = 20%
Time = 9 months
When interest is being compounded quarterly,
Time = 9/12 × 4 = 3
Rate = 20/4% = 5%
A= P(1+r/100)^T
A= 16000 (1+5/100)³
A=16000(21/20*21/20*21/20)
A=18522
CI=A-P
CI=18522-16000=2522

By: Pranav Gupta

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