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Find the amount on Rs.8000 in 9 months at 20% per annum, if the interest being compounded quarterly?

Correct answer: B. Rs.9261

  • A. Rs.1261
  • B. Rs.9261
  • C. Rs.9621
  • D. Rs.9162

Explanation

Quarterly compounding makes the rate 20%/4 = 5% per quarter, and 9 months contains 3 quarters. Amount = Rs.8000 x 1.05³ = Rs.8000 x 1.157625 = Rs.9261. Students may choose Rs.9162 by using simple interest or an incorrect quarterly factor.

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