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

This question belongs to Arithmetic Ability Compound Interest
Compound Interest
?

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

Answer & Solution
Correct Answer: Option C
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
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