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

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Rs. 1661

Rs. 1281

Rs. 1961

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

= 204 % per quarter year

Time (T) will also be taken quarterly that is,

T = 4 × 912 ⇒ 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,

C I = A − P C I = 92618000 C I = Rs 1261

Thus, the compound interest is Rs.1261.
Therefore, option (1) is correct.

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