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Find the compound interest on Rs 48,000 at 8 % per annum for 9 months compounded quarterly.1. Rs. 2937.9842. Rs. 1567.9873. Rs. 3456 8974. Rs. 1678.7895. Rs. 1345.789 |
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Answer» Correct Answer - Option 1 : Rs. 2937.984 Given: Principal: Rs 48,000 Rate = 8 % per annum Time = 9 months Formula used: Amount = P [1 + r %]t Calculation: Rate = (8/4) = 2 % per annum Time = 9 months = 3 cycles Amount = Rs 48,000 [1 + (2/100)]3 ⇒ 48,000 (102/100)3 ⇒ Rs 50,937.984 Compound interest = Amount – Principal ⇒ Rs 50,937.984 – Rs 48,000 ⇒ Rs 2937.984 ∴ The compound interest is Rs. 2937.984 |
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