The compound interest on Rs. 8000 at 15% P.a for 2 years 4 months, compounded annually is?
A. 2980
B. 3091
C. 3109
D. 3100
Answer: Option C
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P(1+r/100)^n
p= initial amount
r= rate of interest
n= period of years
s= sum after 2 years & 4 months
I= amount of interest
solve:
s = 8000(1+15/100)^2(4/12)
s = 8000(1+15/100)^2 x (1+1/3 x 15/100)
s = 8000(1+15/100)^2 x 21/20
s= 10580 x 1.05
s= 11109
I = s - p ==> 11109 - 8000
i= 3109