Question

calculate the amount and compound interest on Rs.6250 for 1 year at 8% per annum compounded quarterly.

please Answer my Question ​

Answer 1

Answer:

Given :-

• A sum of Rs 6250 for 1 year at 8% per annum compounded quarterly.

To Find :-

• What is the amount and compound interest.

Formula Used :-

$\clubsuit$ Amount formula when the interest is compounded quarterly :

$\bigstar \: \: \sf\boxed{\bold{\pink{A =\: P\Bigg(1 + \dfrac{\dfrac{r}{4}}{100}\Bigg)^{4n}}}}\: \: \: \bigstar$

where,

• A = Amount
• P = Principal
• r = Rate of Interest
• n = Time Period

$\clubsuit$ Compound Interest Formula :

$\bigstar \: \: \sf\boxed{\bold{\pink{Compound\: Interest =\: A - P}}}\: \: \: \bigstar$

where,

• A = Amount
• P = Principal

Solution :-

First, we have to find the amount :

Given :

• Principal = Rs 6250
• Time Period = 1 year
• Rate of Interest = 8% per annum

According to the question by using the formula we get,

$\implies \bf A =\: P\Bigg(1 + \dfrac{\dfrac{r}{4}}{100}\Bigg)^{4n}$

$\implies \sf A =\: 6250\Bigg(1 + \dfrac{\dfrac{8}{4}}{100}\Bigg)^{(4 \times 1)}$

$\implies \sf A =\: 6250\bigg(1 + \dfrac{2}{100}\bigg)^4$

$\implies \sf A =\: 6250\bigg(\dfrac{102}{100}\bigg)^4$

$\implies \sf A =\: 6250 \times \dfrac{102}{100} \times \dfrac{102}{100} \times \dfrac{102}{100} \times \dfrac{102}{100}$

$\implies \sf A =\: 6250 \times \dfrac{108243216}{100000000}$

$\implies \sf A =\: \dfrac{676520100000}{100000000}$

$\implies \sf\bold{\purple{A =\: Rs\: 6765.201}}$

Now, we have to find the compound interest :

$\dashrightarrow \bf Compound\: Interest =\: A - P$

$\dashrightarrow \sf Compound\: Interest =\: Rs\: 6765.201 - Rs\: 6250$

$\dashrightarrow \sf\bold{\red{Compound\: Interest =\: Rs\: 515.201}}$

$\therefore$ The amount is Rs 6765.201 and the compound interest is Rs 515.201 .