Question

1. Calculate compound interest
on a sum of 64000 compounded
quarterly for 1 year at a rate of
10%? ​

Answer 1

Answer:

Step-by-step explanation:

Answer 2

We know formula for compound interest compounded quarterly

Amount=P(1+

n

r

)

nt

CompoundInterest=Amount−Principal

Given,

principal=Rs64000

Time=1year

Rate=10%

=64000(1+

4

.1

)

4

=64000(1.025)

4

=64000×1.10381

=70644.025

Amount is Rs70644.025

Compound interest will be=(70644.025-64000)=Rs6644.025