Find the compound interest on Rs 15000 for 9 months at 16% per annum compounded quarterly

Saravanan said: (Fri, Sep 23, 2016 04:49:54 PM IST)

Ans: Rs. 1873.

Solution:

P = Rs. 15000,
n = 9 months = 3 quarters,
R = 16% p.a. = 4% per quarter.

Amount = Rs. [15000 * (1+4/100)^3]

=> Rs. [15000 * 26/25 * 26/25 * 26/25]

=> Rs 16873

Then, C.I. = Rs. (16873 - 15000) = Rs. 1873.

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Shuvam said: (Fri, Sep 23, 2016 05:00:12 PM IST)

Use formula.

15000 (1 + R/4/100)^4t for compounded quarterly.
Thus, 15000(1 + 4/100)^3 = 16872.96.

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Solution : Principal `(P)=Rs.15625`<br>`Rate (R)=16%` p.a or `4%` quarterly.<br>Period `(n)=9` months or `3` quarters.<br>Amount `(A)=P(1+R/100)^n`<br>`=Rs.15625(1+4/100)^3`<br>`=Rs.15625(26/25)^3`<br>`=Rs.15625xx26/25xx26/25xx26/25`<br>`=Rs.17576`<br>Compound interest `=A-P`<br>`=Rs.17576-Rs.15625`<br>`=Rs.1951`<br>`:.` The compound interest is `Rs.1951`.

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Rs.20.80 Rs.16.64 Rs.24.96 Rs.23.48

Answer : C

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