New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Calculate the final amount Poonam will receive if she

    invests Rs. 2,500 at a compound interest rate of 80% per annum, compounded quarterly, over a period of 9 months. 
    A Rs. 4,320 Correct Answer Incorrect Answer
    B Rs. 3,960 Correct Answer Incorrect Answer
    C Rs. 3,750 Correct Answer Incorrect Answer
    D Rs. 4,040 Correct Answer Incorrect Answer

    Solution

    Effective rate of interest = (80/4) = 20% per term Effective time period = (9/3) = 3 terms A = Sum (1 + R/100)t  A = 2500 x (1 + 20/100)³ A = 2500 x (6/5)³ A = Rs 4,320

    Practice Next

    Relevant for Exams: