What is the compound interest on a sum of Rs. 13,000 at 15% p.a. in 2 years, if the interest is compounded 8-monthly?

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SSC Matric Level Previous Paper (Held on: 14 Nov 2020 Shift 1)
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  1. Rs. 4,404
  2. Rs. 4,330
  3. Rs. 4,033
  4. Rs. 4,303

Answer (Detailed Solution Below)

Option 4 : Rs. 4,303
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Detailed Solution

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Given:

Principal = Rs.13000 

Rate of interest = 15%

Concept used:

Rate of interest for 12 months = 15%

Rate of interest for 8 months = 15 × (8/12) = 10%

And 2 years = 24 months

Total 8-monthly time = 24/8 = 3

Formula:

Let P = Principal, R = rate of interest and n = time period

Compound interest = P(1 + R/100)n  - P

Calculation:

∴ Compound interest = 13000(1 + 10/100)- 13000

⇒ 13000 × (1331/1000)

⇒ 17303 - 13000

= Rs.4303

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