Question

16. Calculate compound interest on 1000 over a period of 1 year at 10% per annum, if
interest is compounded quarterly?
Free Distribution by T.S. Government 2018-19​

Answer 1

Answer:

Compound interest =

$1000 \times (1 + \frac{10}{400} ) {}^{4} - 1000 =$

$1000 \times \frac{41}{40} \times \frac{41}{40} \times \frac{41}{40} \times \frac{41}{40} - 1000 =$

$1103.81 - 1000 = 103.81$