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The compound interest on Rs. 16,000 for 9 months at 20% per annum, interest being compounded quarterly, is:
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Explanation:
Principal= Rs. 16000,
Rate %=20 %
Time= 9 months
When interest is being compounded quaterly
Time=9\12×4=3
Rate =20\4%=5%=1\20
According to the question,
8000 units = Rs. 16000
1 unit = Rs. 2
1261 units = Rs.2×1261
= Rs. 2522