Question

Calculate compound interest on ₹1000 over a period of 1 year at 10% per annum if interest is compounded quarterly​

Answer 1

Answer:

Compound Interest = ₹ 103.8

Step-by-step explanation:

Given ⤵️

• Principle (P) : ₹ 1,000
• Principle (P) : ₹ 1,000Interest rate (r) = 10 %
• Principle (P) : ₹ 1,000Interest rate (r) = 10 %Time (n) = 1 year

To find ⤵️

Calculate compound interest

Solution ⤵️

$⇒ A = P (1 + \frac{r}{100} ) ^{4 \times n}(1+ 100r) 4×n$

$⇒ A = 1,000 (1 + \frac{10}{100} ) ^{4 \times 1}(1+ 100 \times 10) 4×1$

[tex]⇒ A = 1,000 (1 + \frac{0.1}{4} ) ^{4 \times 1}(1+ 40. ) 4×1

⇒ 1,000 (1 + 0.025)⁴

⇒ 1,000 (1.1038)

⇒ 1,103.8

Amount = ₹ 1,103.8

CI = A - P

CI = 1,103.8 - 1,000

CI = 103.8

Therefore,

Therefore,Compound Interest = ₹ 103.8