INR 15000 at 10% compound interest compounded quarterly for 2 years yields?
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Correct answer: B
Explanation
Principal (P) = ₹15,000
Interest Rate (R) = 10% per annum
Time (T) = 2 years
Compounded Quarterly ⇒ n = 4
Compound Interest Amount = P (1 + R/(100n))ⁿᵀ
Quarterly Rate = 10% / 4 = 2.5%
Number of Quarters = 2 × 4 = 8
Amount = 15,000 × (1 + 0.025)⁸
Amount = 15,000 × 1.2184 = 18,276