Question

calculate the compound interest on Rs.24000 for 9 months at 20% per annum, compounded quartely

Answer 1

Answer:

Step-by-step explanation:

Solution:-

P = Rs. 24000

Time or n = 6 months = 2 periods of 3 months each or n= 2.

Rate = 20 paisa per one rupee per annum

= 20 paisa per 100 paisa

R = 20 % per annum

There are 4 quarters in a year so, R = 20/4 = 5 % for 3 months

A = P(1 + R/100)ⁿ

A = 24000(1 + 5/100)²

A = 24000 × 105/100 × 105/100

A = 12 × 105 × 21

A = 26460 Rs.

Compound Interest = A - P

Compound Interest = 26460 - 24000

Compound Interest = 2460 Rs.

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