Find the compound Interest on Rs. 16,000 @15 % p.a for 2 years 4 month Compounded annually?
C.I for 1st year = (16000 x 15 x 1)/100 = 2400 C.I for 2nd year = (18400 x 15 x 1)/100 = 2760 C.I for 1/3 year = (21160 x 15 x 1)/(100 x 3) = 1058 Total C. I = 2400 + 2760 + 1058 = Rs. 6218
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