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% = $$\frac{1}{50}$$
Total CI = (100 + 100 + 100) + (2 + 2 +2) + 0.04
= Rs.306.04
Related Questions on Compound Interest
A. Rs. 120
B. Rs. 121
C. Rs. 122
D. Rs. 123
E. None of these
A. 625
B. 630
C. 640
D. 650
E. None of these
A. Rs. 2160
B. Rs. 3120
C. Rs. 3972
D. Rs. 6240
E. None of these
A. Rs. 2.04
B. Rs. 3.06
C. Rs. 4.80
D. Rs. 8.30
Join The Discussion