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Railways PYQCBT 2 2017

RRB NTPC · Question 32

Mr. Murthy invested Rs. 16,000 in a scheme. Find the compound interest, if he invested it at 20% per annum for 9 months, Compounded quarterly?

  1. Rs. 2523

  2. Rs. 2552

  3. Rs. 2524

  4. Rs. 2522

Show answer & explanation

Answer: (D) Rs. 2522

Explanation

Compounded quarterly at 20% a year, the rate is 5% per quarter, and 9 months = 3 quarters. Amount = 16000 × 1.05³ = 16000 × 1.157625 = Rs 18,522. Compound interest = Rs 2522.