Q11 of 90 Page 133

Find the compound interest on Rs. 24000 for six months, if the interest is payable quarterly at 20 paise per annum.

Given:


P = Rs. 24000


Time(n) = 6 months


= two periods of 3 months


Time(n) = 2


R = 20 paise per rupees per annum


R = 20% per annum


There are 4 quarter in a year so,






A = Rs. 12 × 21 × 105


A = Rs. 26460


Compound interest = A – P


Compound interest = 26460 – 24000


= Rs. 2460


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