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Find the compound interest on Rs 12000 for 9 months at 20% per annum when interest is compounded quarterly.

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

Correct answer: Rs 1891.50

Solution

At 20% per annum compounded quarterly, the quarterly rate is 5% and 9 months equals 3 quarters. Amount = 12000*(1.05)³ = 13891.50, so CI = 13891.50 - 12000 = 1891.50.

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