Out of the four options, only one is correct. Write the correct answer.
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
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 2yr, means 4 × 2 = 8 times charged in 2 yr.
Hence, option (a) is correct.
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