Question
Download Solution PDFThe compound Interest on Rs. 12,000 for 9 months at 20% per annum, interest being compound quarterly is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹12,000
Rate of interest per annum (R) = 20%
Time (T) = 9 months = 3 quarters (since interest is compounded quarterly)
Formula used:
Compound Interest (CI) = P × (1 + R/4 × 100)T - P
Calculation:
Quarterly rate of interest = 20/4 = 5%
CI = 12,000 × (1 + 5/100)3 - 12,000
CI = 12,000 × (1.05)3 - 12,000
CI = 12,000 × 1.157625 - 12,000
CI = 13,891.50 - 12,000
CI = ₹1,891.50
∴ The compound interest is ₹1,891.50.
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