Find the compound interest on ` 16000 at 20% per annum for 9 months, compounded quarterly. · ABC26GN4124
Subject: General Aptitude · Chapter: Compound Interest · Exam: C.P.O. 2006
Find the compound interest on ` 16000 at 20% per annum for 9 months, compounded quarterly.
Answer
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Explanation
Principal = ` 16000; Time = 9 months = 3 quarters; Rate = 20% per annum = 5% per quarter. 5 3 21 21 21 ∴ Amount = ` 16000 × 1 + = ` 16000 × × × = ` 18522. 100 20 20 20 ∴ C.I. = ` (18522 – 16000) = ` 2522.
Explanation as extracted from the printed page; notation may be imperfect.
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