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Question 56
The compound interest on a sum of ₹15800 for 2 years at 9% per annum, when the interest is compound 8 monthly,is (nearest to a rupee):
Solution
Given P=15800
R=9%
Time=2 years but for every 8 months it is calculated and so total months =24
so 24/8=3 i.e n=3
=$$P(1+\frac{2R/3}{100})^{3}-P$$
=15800($$(1+\frac{3}{50})^{3}$$)-1)
=15800*23877/125000
=3018.05
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