Compound Interest Practice Test 5

Question : 36 of 40

Marks: +1, -0

Find the compound interest on a sum of Rs 1,350 at 8% p.a. compounded monthly for 2 months?

Solution:

Amount

=1350(1+8/{12×100})^{2/12×12}

=1350(1+1/150)^2

Amount = Rs 138.06
CI = 1,368.06 - 1,350 ≈ Rs 18

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