Multiple choice

Find the compound interest on Rs 24000 at 15% per annum for $\displaystyle 2\frac{1}{3}$ years

  1. Rs $9327$
  2. Rs $9723$
  3. Rs $9372$
  4. Rs $9237$
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A Correct answer
Explanation

For 2 years, the amount is 24000 * (1.15)^2 = 31740. For the remaining 1/3 year, simple interest is applied: 31740 * (1 + 0.15 * 1/3) = 31740 * 1.05 = 33327. The interest is 33327 - 24000 = 9327.

AI explanation

For the first 2 years using the compound interest formula, the amount is 24000(1.15)^2 = 31740. For the remaining 1/3 year at 15%, we apply simple interest of 31740 * 0.15 * (1/3), giving Rs 1587. The total amount becomes 31740 + 1587 = 33327, so the total interest is 33327 - 24000 = 9327. The compound interest is Rs 9327.

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