1.

Find the amount to which Rs. 6,250 rises when compound interest is earned at 16% p.a. for 9 months compounded quarterly?1. Rs. 7,2802. Rs. 7,030.43. Rs. 7,0004. None of these

Answer» Correct Answer - Option 2 : Rs. 7,030.4

Given:

Sum of money = Rs. 6,250

Rate of interest = 16%

C.I. is compounded quarterly for 9 months.

Concept used:

Amount = P × (1 + R/400)4T

Calculation:

⇒ Rs. 6,250 × (1 + 16/400)(9/12) × 4 

⇒ Rs. 6,250 × (1 + 0.04)3

⇒ Rs. 6,250 × 1.124864 

⇒ Rs. 7030.4 

∴ The amount rises to Rs. 7,030.4 when compound interest is earned at 16% p.a., compounded quarterly for 9 months



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