Question

calculate compound interest on rupees 1000 over a period of 1 year at 10 % per annum, if intrest is compounded quaterly

Answer 1

Answer:

I = ₹100

Step-by-step explanation:

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 10/100

r = 0.1 rate per year,

Then solve the equation for A

A = P(1 + r/n)^nt

A = 1,000.00(1 + 0.1/1)^[(1)(1)]

A = 1,000.00(1 + 0.1)^(1)

A = ₹1,100.00

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of ₹1,000.00 at a rate of 10% per year compounded 1 time per year over 1 year is ₹1,100.00.