What will be the compound interest on a sum of ₹31250 for 2 years at 12% p.a., if the interest is compounded 8-monthly?
Answer & explanation
Correct answer: option 2
12 Months ⇒ 12%
8 Months ⇒ 8% = \(\frac{2}{25}\)
Principal : Amount
8 month 25 : 27
8 month 25 : 27
8 month 25 : 27
15625 : 19683 ⇒ 4058 (C.I.)
↓×2 ↓×2
31250 (given) 8116 Ans.