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Find the compound interest on ₹ 31250 at 16 % pa compounded quaterly for 9 months.
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- ₹ 4000
- ₹ 3902
- ₹ 3500
- ₹ 4200
Correct Option: B
Given, P = ₹ 31250,
n = 9 Month = 3 quarters and
R = 16% pa = 4% per quarter
According to the formula
Amount = P(1 + R/100 )n
= 31250(1 + 4/100 )3
= 31250 x (26/25) x (26/25) x (26/25)
= ₹ 35150
∴ CI = 35152 - 31250
= ₹ 3902