Multiple choice

Find the compound interest on Rs.5000 at 24% per annum for 3 months compounded monthly?

  1. Rs.306.04

  2. Rs. 300.50

  3. Rs.288.80

  4. Rs.315.20
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A Correct answer
Explanation

Principal = Rs. 5000, rate = 24% per annum = 2% per month, time = 3 months. Using CI formula: A = P(1+r/100)^n = 5000(1+2/100)^3 = 5000(1.02)^3 = 5000 × 1.061208 = Rs. 5306.04. Compound Interest = 5306.04 - 5000 = Rs. 306.04.

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