1.

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

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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