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Find the compound interest on Rs. 15625 for 9 months, at $16 %$ per annum, compounded quarterly.

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Rs.1281

Rs.1621

Rs.4951

Rs.1951

answer is A.

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Detailed Solution

Given,

Principal (P) = Rs 15625 Rate (R) = 16 ​ ​ % ​ ​ p .a compounded quarterly Time (T) = 9 months

The formula to calculate the amount is given by

A = P 1 + R 100 n ⋅ ⋅ ⋅ ⋅ ⋅ ⋅ (1)

Where,

A =

Amount,

P =

Principal,

R =

Rate,

n =

Time
Substitute the given value in equation (1) and solve for amount A,

A = P 1 + R 100 n ⇒ A = 15625 1 + 16 4 × 100 3 ⇒ A = 156254164003 ⇒ A = Rs 17576

Calculate Compound interest,

⇒ C . I . = 17576 − 15625 ⇒ C . I . = Rs 1951

Hence, the compound interest is Rs 1951
Hence, the correct option is 1.

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