Exams › SSC CGL (Prelims) › Maths

The compound interest on ₹12,000 for 9 months at 20% per annum, interest being compounded quarterly, is:

1. ₹1750
2. ₹2089.70
3. ₹1891.50
4. ₹2136.40

Correct answer: ₹1891.50

Solution

At 20% per annum compounded quarterly, the rate per quarter is 5%. In 9 months, there are 3 quarters. Amount = 12000(1.05)^3 = 13891.50, so compound interest = 13891.50 - 12000 = ₹1891.50.

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