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Question
A sum is taken for two years at 16% p.a. If interest is compounded after every three months, the number of times for which interest is charged in 2 years is ______.
Options
8
4
6
9
Solution
A sum is taken for two years at 16% p.a. If interest is compounded after every three months, the number of times for which interest is charged in 2 years is 8.
Explanation:
Since, rate of interest is calculated after every three months.
Similarly, the time period for amount in a year will 4 times.
If amount is taken for 2 years, means 4 × 2 = 8 times charged in 2 years.
Hence, 8
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