Find the compound interest on Rs 24000 at 15% per annum for 1(2/3) years. (a) Rs 8000 (b) Rs 9237 (c) Rs 9327 (d) Rs 9732

Question

Find the compound interest on Rs 24000 at 15% per annum for \(2\frac{1}{3}\) years. 

(a) Rs 8000 

(b) Rs 9237 

(c) Rs 9327 

(d) Rs 9732

Answer 1

(c) Rs 9327

P = Rs 24000, R = 15% p.a., T = 2\(\frac{1}{3}\) years

\(\therefore\) A = 24000\(\big(1+\frac{15}{100}\big)^2\) \(\Big(1+\frac{\frac{1}{3}\times 15}{100}\Big)\)

= 24000\(\big(1+\frac{3}{20}\big)^2\big(1+\frac{1}{20}\big)\)

= 24000\(\big(\frac{23}{20}\big)^2\times\frac{21}{20}\) = 24000 x \(\frac{23\times23\times21}{8000}\)

= Rs 33327

\(\therefore\) C.I = Rs 33327 – Rs 24000 = Rs 9327.