Find compound interest on $ 16000 at 15% per annum for 2 years 4 months, compounded annually. Choose the correct choice from the following answers:
A) 6109
B) 6209
C) 6218
D) 6107
E) 6100
Time = 2 years 4 months = 2(4/12) years = 2(1/3) years.   Amount = $ [16000 X (1+­(15/100))2 X (1+((1/3)*15)/100)]   =$ [16000 * (23/20) * (23/20) * (21/20)= 
<gadget id="calculator">16000 * (23/20) * (23/20) * (21/20)</gadget>
<output>22_218</output>
$ 22218	.   :. C.I.= Rs. (22218 - 16000) = $ 6218   Answer 6218.
<result>C</result>
Find compound interest on $ 16000 at 15% per annum for 2 years 4 months, compounded annually.