Question

calculate compound interest on 24000 for 6 months compounded quarterly at 8%​

Answer 1

Answer:

p=24000

t=4×1/2=2quater

r=8%/4=2%

ci=24000[(1+2/100)^2]-1

=24000[(1+1/50)^2]-1

=24000[(51/50)^2]-1

=24000[2601/2500]-1

=24000[2601/2500-2500]

=24000[101/2500]

=24000×101/2500

=240×101/25

=9.6×101

=969.6

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