Mohona deposits Tk. 10,000 into a savings account that pays interest at an annual rate of 8%, compounded quarterly. After 6 months, how much interest has Mohona earned?

Mohona deposits Tk. 10,000 into a savings account that pays interest at an annual rate of 8%, compounded quarterly. After 6 months, how much interest has Mohona earned?

A Tk. 200

B tk. 240

C tk. 404

D tk. 560

Solution

Correct Answer: Option C