Multiple choice

Find CI on Rs. 15000 at 10% per annum for 2 years and 3 months, interest compounded annually.

  1. Rs. 3513.75

  2. Rs. 3503.75

  3. Rs. 3603.75

  4. Rs. 3500

  5. Rs. 3502.50
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Amount for 2 years = 15000 * (1.1)^2 = 18150. Interest for 3 months (1/4 year) = 18150 * 0.10 * 0.25 = 453.75. Total CI = (18150 - 15000) + 453.75 = 3150 + 453.75 = 3603.75.

Keep practicing — related questions