Ajit borrowed 2,00,000 from a credit card company at 20% p.a. compounded quarterly.
Find the compound interest and the amount after one year.
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Answer:
A=p(1+nr)nt
p=2,00,000
r=20%. pa
n=1 year
t=4 years
∴A=2,00,000(1+420%)1×4
=2,00,000(1+1005)1×4
=2,00,000(1.05)4
=2,00,000(1.2155)
A=243100
I=A−P
=243100−200000
I=43,100.
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