Find the compound interest on a su

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Compound Interest

Question:

Find the compound interest on a sum of Rs. 12000 at 12% p.a. for 9 months when interest is compounded quarterly.

Options:

1112.724

1012.524

1112.526

1113.724

Correct Answer:

1112.724

Explanation:

Net rate ( when compounded quarterly) = \(\frac{12}{4}\) = 3%

C.I. of 9 months = (360 × 3) + (10.8 × 3) + 0.324

= 1080 + 32.4 + 0.324 = 1112.724