Multiple choice

Find the compound interest to the nearest rupee on Rs. 7500 for 2 years four months at 12 % per annum reckoned annually ?

  1. 2284

  2. 2176

  3. 2097

  4. 2235
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Calculated using compound interest formula for 2 complete years, then simple interest for 4 months on the accumulated amount. After 2 years: Rs. 7500 × (1.12)^2 = Rs. 9408. Then interest for 4 months: Rs. 9408 × 12% × (4/12) = Rs. 376.32. Total compound interest = Rs. 2284.

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