Calculate the compound interest on ` 16000 for 9 months at 20% per annum,
compounded quarterly
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hi my friend,
principal- 16000
rate-(20/4)%per quarter = 5%per quarter
time= 9 months = 3 quarters.
Amount=16000 (1 + 5/100)3
=16000×105/100×105/100×105/100
= Rs 18522
Compound interest=18522-16000
=Rs 2522
principal- 16000
rate-(20/4)%per quarter = 5%per quarter
time= 9 months = 3 quarters.
Amount=16000 (1 + 5/100)3
=16000×105/100×105/100×105/100
= Rs 18522
Compound interest=18522-16000
=Rs 2522
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