Find the C.I. on a sum of Rs.1600 for 9 months at 20% per annum, interest being compounded quarterly?
Q1. Find the C.I. on a sum of Rs.1600 for 9 months at 20% per annum, interest being compounded quarterly?
Answer: Rs. 252.2
Explanation: 20% per annum compounded quarterly = 5% per quarter. For 9 months (3 quarters): CI = 1600 × [(1.05)³ − 1] = 1600 × 0.157625 ≈ Rs. 252.20.