What will be the compound interest on a sum of Rs.3000 for 2 years at 15% p.a., if the interest is compounded 8-monthly?
Answer & explanation
Correct answer: option 1
12 Months ⇒ 15%
8 Months ⇒ 10% = \(\frac{1}{10}\)
Principal : Amount
8 month 10 : 11
8 month 10 : 11
8 month 10 : 11
1000 : 1331 ⇒ 331(C.I.)
↓×3 ↓×3
3000 (given) 993 Ans.