Question:The compound interest on Rs.`8000` at `15%` per annum for `2` years `4` months, compounded annually is : 

A `Rs. 2980` 
B `Rs. 3091` 
C `Rs. 3109` 
D `Rs. 3100` 

+ Answer
C 

+ Explanation
Time`= 2` years `4`months`= 2 4/12` years `= 2 1/3`years.

:. C.I.`= Rs.[8000 xx (1 + 15/100)^2 xx (1 + (1/3 xx 15)/100) - 8000]`

= Rs.` (8000 xx 23/ 20 xx 23/20 xx 21/20 - 8000)`

`= Rs. 3109`.

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Irin Moni

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