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If compound interest received on a certain amount in the 3rd year is Rs. 1,240, what will be the compound interest (in Rs) for the 4th year on the same amount at 9% rate of interest?
- A1245.6
- B1521.6
- C1351.6
- D1220.6
Answer not set
Discussion 1
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CCommunity
Compound interest for 4th year = Compound interest in 3rd year × (1 + R/100)
Compound interest in 3rd year = Rs. 1240
R = 9%
∴ Compound interest for 4th year = 1240 × (1 + 9/100) = Rs. 1351.6
Compound interest in 3rd year = Rs. 1240
R = 9%
∴ Compound interest for 4th year = 1240 × (1 + 9/100) = Rs. 1351.6