#SSC CGL

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Question : What is the compound interest earned on Rs. 80000 at 40% per annum in 1 year compounded quarterly?
Option 1: 28317
Option 2: 37128
Option 3: 18732
Option 4: 21387

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Team Careers360 23rd Jan, 2024

Answer (1)

Team Careers360 24th Jan, 2024

Correct Answer: 37128

Solution : Given that:
$P = 80000, r = 40\%$ per annum and $n = 1$.
Compound Interest = $P \left(1 + \frac{\frac{R}{4}}{100}\right)^{4n} - P$
Where $P$ is the Principal amount (the initial amount of money), $R$ is the annual interest rate and $n$ is the year.
$⇒ CI= 80000 \left(1 + \frac{10}{100}\right)^4 - 80000$
$= 80000 (1.4641) - 80000$
$= 37128$
Hence, the correct answer is Rs. 37128

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