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Q.

Find the compound interest on Rs. 8000 for 9 months at 20 % per annum compounded quarterly.

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a

Rs. 1661

b

Rs. 1281

c

Rs. 1961 

d

Rs. 1261

answer is A.

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Detailed Solution

Given,
Principal (P)=Rs 8000 Rate (R)=20% p.a. Time (T)=9 months  
Compound interest can be evaluated by Amount-Principal;
Also, rate of interest compounded quarterly = 20 4 %per quarter year  
 Time (T) will also be taken quarterly that is,
  T=4× 9 12 ⇒3  
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=8000 1+ 20 4×100 3 ⇒A=8000 1.05 3 ⇒A=8000×1.1576 ⇒A=9260.8 ⇒A≈9261  
Therefore, the amount after 3 quarter Rs. (9 months) is A=  Rs. 9261.
Calculating compound interest,
CI=A−P CI=9261  8000 CI=Rs 1261   Thus, the compound interest is Rs.1261.
Therefore, option (1) is correct.
 
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