Class 7 Exam > Class 7 Questions > Find the compound interest on Rs 16,000 at 20...
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Find the compound interest on Rs 16,000 at 20% per annum for 9 months, compounded quarterly.
- a)Rs 2552
- b)Rs 2512
- c)Rs 2592
- d)Rs 2572
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Find the compound interest on Rs 16,000 at 20% per annum for 9 months,...
Principal = Rs 16, 000;
Time = 9 months = 3 quarters;
Amount = Rs [16000 × (1+5/100)³]
= [16000 × 21/20 × 21/20 × 21/20]
= Rs 18522
C.I = Rs (18522 – 16000)
= Rs 2522
Time = 9 months = 3 quarters;
Amount = Rs [16000 × (1+5/100)³]
= [16000 × 21/20 × 21/20 × 21/20]
= Rs 18522
C.I = Rs (18522 – 16000)
= Rs 2522
Most Upvoted Answer
Find the compound interest on Rs 16,000 at 20% per annum for 9 months,...
Given:
Principal amount (P) = Rs 16,000
Rate of interest (R) = 20% per annum = 20/100 = 0.2
Time period (T) = 9 months = 9/12 = 3/4 years
Number of compounding periods per year (n) = 4
Formula for Compound Interest:
Compound Interest (CI) = P * (1 + R/n)^(n*T) - P
Calculation:
Substituting the given values in the formula, we get:
CI = 16000 * (1 + 0.2/4)^(4 * (3/4)) - 16000
Simplifying the equation:
CI = 16000 * (1 + 0.05)^3 - 16000
CI = 16000 * (1.05)^3 - 16000
CI = 16000 * 1.157625 - 16000
CI = 18522 - 16000
CI = 2522
Therefore, the compound interest on Rs 16,000 at 20% per annum for 9 months, compounded quarterly is Rs 2522.
Principal amount (P) = Rs 16,000
Rate of interest (R) = 20% per annum = 20/100 = 0.2
Time period (T) = 9 months = 9/12 = 3/4 years
Number of compounding periods per year (n) = 4
Formula for Compound Interest:
Compound Interest (CI) = P * (1 + R/n)^(n*T) - P
Calculation:
Substituting the given values in the formula, we get:
CI = 16000 * (1 + 0.2/4)^(4 * (3/4)) - 16000
Simplifying the equation:
CI = 16000 * (1 + 0.05)^3 - 16000
CI = 16000 * (1.05)^3 - 16000
CI = 16000 * 1.157625 - 16000
CI = 18522 - 16000
CI = 2522
Therefore, the compound interest on Rs 16,000 at 20% per annum for 9 months, compounded quarterly is Rs 2522.
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Find the compound interest on Rs 16,000 at 20% per annum for 9 months, compounded quarterly.a)Rs 2552b)Rs 2512c)Rs2592d)Rs 2572Correct answer is option 'A'. Can you explain this answer?
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