Correct Answer - Option 4 : Rs.6,821
Given:
Principal = Rs. 15,000
Rate% = 15% p.a compounded annually
Time = 2(2/3) years
Formula used:
Amount = P × (1 + r/100)2(1 + 2r/300)
Calculation:
∵ Rate% for 2/3 years = 15% × (2/3)
= 10%
∴ Amount = P × (1 + r/100)2(1 + 2r/300)
= 15,000 × (1 + 15/100)2(1 + 10/100)
= 15,000 × (1 + 3/20)2(11/10)
= 15,000 × (23/20)2(11/10)
= (15000 × 529 × 11)/(400 × 10)
= Rs. 21,821.2
∴ CI = Amount - Principal
= 21,821.2 - 15,000
= Rs. 6821.2