Question

calculate the compound interest on $1000000 in 9 months at the rate of 8% per annum, interest payable quarterly ​

Answer 1

Answer:

It is given that

Principal (P) = 100000

Rate of interest = 4% p.a. or 1% quarterly

Period (n) = 9 months or 3 quarters

We know that

P(1+r/100)

n

Substituting the values

= 100000(1+1/100)

3

By further calculation

=100000×101/100×101/100×101/100

= 103030.10

Here

CI = A - P

Substituting the values

= 103030.10−100000

= 3030.10

Step-by-step explanation:

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