Simple & Compound Interest · Question 22 · Medium
Find the compound interest on ₹40,000 for 6 months at 8% per annum, compounded quarterly.
- ₹1,600
- ₹1,616
- ₹1,632
- ₹3,264
Answer and explanation
Answer: B. ₹1,616
Explanation: Quarterly rate = 2% and 6 months = 2 quarters. Amount = 40000 × (1.02)² = ₹41,616, so CI = ₹1,616.
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