Find the compound interest on Rs. 16,000 at 20% per annum for 9 Months, compounded quarterly. Option 1: Rs. 2,500 Option 2: Rs. 2,280 Option 3: Rs. 2,522 Option 4: Rs. 2,868

Answer: Rs. 2,522. Solution: Quarterly rate = 20/4 = 5%; 9 months = 3 quarters. Amount = 16000 x (1.05)^3 = 16000 x 1.157625 = 18522. Compound Interest = 18522 - 16000 = Rs.\ 2522.

Arithmetic

Simple & Compound Interest

Medium

Find the compound interest on Rs. 16,000 at 20% per annum for 9 Months, compounded quarterly.

Rs. 2,500

Rs. 2,280

Rs. 2,522

Rs. 2,868

✅ Correct Option: 3

Quarterly rate $= \frac{20}{4} = 5\%$ ; 9 months = 3 quarters.

Amount $= 16000 \times (1.05)^3 = 16000 \times 1.157625 = 18522$ .

Compound Interest $= 18522 - 16000 = Rs.\ 2522$ .

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