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Rs. 2000 was lent at 40% per annum at si...

Rs. 2000 was lent at 40% per annum at simple interest for 1 year. If interest on it was at compound interest and compounded quuarterly, then the amount obtained would be ___.

A

64.10 more

B

64.10 less

C

128.20 less

D

128.20 more

Text Solution

Verified by Experts

The correct Answer is:
D
Amount (in Rs.)`=2000(1+(40)/(100))=2800`
If interest was compounded quarterly, amount (in Rs. )
`=2000(1+((40)/(4))/(100))^(4)`
(Rate of interest=10% per quarter. There are 4 quarters)=2928.20
`therefore` Amount realised would be Rs. 128.20 more.
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