Find the compound interest of Tk. 15625 for 9 months at 16% per annum compounded quarterly.
Solution
Correct Answer: Option C
P = Tk15625, n = 9 months = 3 quarters, R = 16% p.a. = 4% per quarter.
Amount = Tk [15625 X (1 + 4/100)3
= Tk (15625 X 2625∗2625∗2625) = Tk 17576. ∴ C.I. = Tk (17576 - 15625) = Tk1951
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