The Compound interest on Rs 16000 for 9 months at 20% P.a compounded quarterly is:__________?
A. Rs 2518
B. Rs 2520
C. Rs 2522
D. Rs 2524
Explanation:
P = Rs 16000, R = (10/2)%
per quarter, t = 3 quarters
C.I = Rs [16000 × (1+ 5/100)3-16000)
= Rs [16000 × 21/20 ×21/20× 21/20- 16000)
=Rs (18522-16000)=Rs 2522