Multiple Choice Questions on The compound interest on Rs 16000 for 9 months at 20 per annum interest being compounded quarterly i........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

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

Quantitative Aptitude ( CCS) Compound Interest
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    The compound interest on Rs. 16000 for 9 months at 20% per annum, interest being compounded quarterly is

    Rs. 2520

    Incorrect Answer

    Rs. 2524

    Incorrect Answer

    Rs. 2522

    Correct Answer

    Rs. 2518

    Incorrect Answer
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    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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