9
Find the compound interest on Rs. 8000 for 9 months at 20% per annum compounded quarterly.
Principal = Rs.8000
Time =9 months
Rate = 20% per annum
∵ Interest is compounded quarterly, So Rate of interest will be counted as 20/4 = 5% and time will be 9/3 = 3 Quarter
We know that,
Hence, Compound Interest = Rs. 9261 – Rs 8000 = Rs. 1261
Given details are,
Principal (p) = Rs 8000
Rate (r) = 20 % = 20/4 = 5% (for quarterly)
Time = 9 months = 9/3 = 3 (for quarter year)
By using the formula,
A = P (1 + R/100) n
= 8000 (1 + 5/100)3
= 8000 (105/100)3
= Rs 9261
∴ Compound Interest = A – P = Rs 9261 – Rs 8000 = Rs 1261
Find the compound interest on Rs. 8000 for 9 months @ 12% p.a., when interest is compounded quarterly.
- 741.81
- 898.91
- 841.81
- 899.91
Answer (Detailed Solution Below)
Option 1 : 741.81
Free
CT 1: Growth and Development - 1
10 Questions 10 Marks 10 Mins
Given:
Principal = Rs. 8000
Time = 9 Months
Rate of interest = 12% p.a.
Formula Used:
Compound interest = Principal × (1 + Rate%/100)Time - Principal
Calculation:
Interest is compounded quarterly, So
Time = 9/3 = 3
Rate of interest = 12%/4 = 3% p.a.
Compound interest = Principal × (1 + Rate%/100)Time - Principal
⇒ Compound interest = 8000 × (1 + 3/100)3 - 8000
⇒ Compound interest = 8741.81 - 8000
⇒ Compound interest = Rs. 741.81
∴ Compound interest is Rs. 741.81
The correct option is 1 i.e. Rs. 741.81
Last updated on Sep 29, 2022
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Text Solution
Solution : `p=8000`<br>`T=9`months `=3` quarter<br>`R=20%=5%`quarter<br>`CI = p (1+R/100)t -p`<br>`=8000(1+5/100)3 -` Rs `8000`<br>`= 8000× 21/20×21/20×21/20-`Rs `8000`<br>`=9261-8000`<br>`=1261`
Answer
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