In what duration of time will ₹3300 become ₹3399 at 12% per annum interest compounded quarterly ?
- A. 3 months ✓
- B. 6 months
- C. 9 months
- D. 1 year
Correct Answer: A. 3 months
Explanation
The quarterly rate is 12% / 4 = 3%. The amount after 1 quarter is 3300 + 3% of 3300 = 3300 + 99 = 3399. Thus, it takes exactly 1 quarter, which is 3 months.
Related questions on Arithmetic
- What is the remainder when (17^{25} + 19^{25}) is divided by 18?
- A bottle contains spirit and water in the ratio 1:4 and another identical bottle contains spirit and water in the ratio 4:1. In what rat...
- Let P = 5^5 \times 15^{15} \times 25^{25} \times 35^{35} and Q = 10^{10} \times 20^{20} \times 30^{30} \times 40^{40}. What is the numbe...
- Two students X and Y appeared in a test. The score of X is 20 more than that of Y. If the score of X is 75% of the sum of the scores of X an...
- Question: The product of a natural number N and the number M written by the same digits of N in the reverse order is 252. What is the number...