Compound interest (In ₹) on ₹ 5625 for 9 months at 16 % per annum compounded quarterly.

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6.Interest

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Find the compound interest (In ₹) on ₹ $5625$ for $9$ months at $16 \%$ per annum compounded quarterly.

A

$1851$

B

$1941$

C

$1951$

D

$1961$

Solution

Compound interest on ₹ 15625 for 9 months @ $16 \%$ per annum

$=15625\left[\left(1+\frac{16}{100 \times 4}\right)^{3}-1\right]=15625\left[\left(1+\frac{1}{25}\right)^{3}-1\right]$

$=15625 \times\left[\frac{26^{3}}{25^{3}}-1\right]=25 \times 625 \times\left[\frac{26^{3}}{25^{3}}-1\right]$

$=26^{3}-25^{3}=\left(26^{2}+25^{2}+26 \times 25\right)(26-25)$

$=676+625+650=₹ 1951$

Standard 13

Quantitative Aptitude

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