The compound interest on a sum of Rs. 5,500 at 15% p.a. for 2 years, when the interest is compounded 8 monthly is:
A. Rs. 1,850
B. Rs. 1,880
C. Rs. 1,820.50
D. Rs. 1,773.75
Answer: Option C
Solution (By Examveda Team)
12 months ⟶ 15%8 months ⟶ 10%
1000 units ⟶ 5500
1 unit ⟶ 5.5
331 units ⟶ 331 × 5.5 = Rs. 1820.50
This Question Belongs to Arithmetic Ability >> Compound Interest
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