Find compound interest on $ 8000 at 15% per annum for 2 years 4 months, compounded annually.
Answers:
A) 3109	B) 3209	C) 3108	D) 3107	E) 3100

Rationale: time = 2 years 4 months = 2 ( 4 / 12 ) years = 2 ( 1 / 3 ) years . amount = $ [ 8000 x ( 1 + ­ ( 15 / 100 ) ) 2 x ( 1 + ( ( 1 / 3 ) * 15 ) / 100 ) ] = $ [ 8000 * ( 23 / 20 ) * ( 23 / 20 ) * ( 21 / 20 ) ] = $ 11109 . . : . c . i . = rs . ( 11109 - 8000 ) = $ 3109 . answer a .
Answer: A