Q: In a bank, deposits can be made for periods ranging from 6 months to 10 years. Every quarter, an interest will be added on to the principal. The rate of interest applied is 9 % per annum for periods from 12 months to 23 months and 10 % per annum for periods from 24 months to 120 months. An amount of ₹ 1 000 invested for 2 years to grow, will be nearly
(a)₹ 1 218
(b)₹ 1 334
(c)₹ 1 414
(d)₹ 1 538
Correct Answer: (a)
The correct answer is (d) '₹ 1 538'. This question from the Indian Economy domain tests knowledge of General.