The compound interest on a sum of Rs 5000 at 8...

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The compound interest on a sum of Rs 5000 at 8% per annum for 9 months when interest is compounded quarterly is = ?

A. Rs. 300

B. Rs. 300.12

C. Rs. 306.04

D. Rs. 308

Answer: Option C

Solution (By Examveda Team)

In one year there are 4 quarterly months.
∴ 9 month = 3 quarter
New Rate of Interest = $$\frac{8}{4}$$ = 2%
i.e 2% = $$\frac{1}{50}$$
Compound Interest mcq solution image

Total CI = (100 + 100 + 100) + (2 + 2 +2) + 0.04
= Rs.306.04

This Question Belongs to Arithmetic Ability >> Compound Interest

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