What is the compound interest on 2000 for 9 months at 40 per annum compounded quarterly ........

Quantitative Aptitude (CGL) Compound Interest

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What is the compound interest on ? 2000 for 9 months at 40% per annum compounded quarterly?

461

346

463

662

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Explanation:

Principal = Rs. 2000, Time = 9 months = 3 quarters.
Now, the rate is 40% per annum but the interest has to be paid 4 times a year, i.e., an interest of (40 / 4) % = 10% is applied every 3 months.
Thus, amount to be paid after 9 months = Rs. 2000 x (1 + 10 / 100)^ 3
= Rs. 2000 x 1.331 = Rs. 2662.
The compound interest payable for 9 months a 40% p.a. compounded quarterly is Rs. 662.