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

Manisha Agrawal • 9.32K Points
Tutor III Math

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

(A) 2109
(B) 3109
(C) 4109
(D) 6109

Correct Answer - Option(B)

Explanation by: Manisha Agrawal

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.

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