Question

Calculate the compound interest on rupees 40,000 for 9 months at the rate of 20 % per annum, when the interest is compounded quarterly.

Answer 1

Given data : principle amount, P 40000 Rs, rate of interest, r = 20 % per annum and time, n = 9 months.

Solution : We have to find the compound interest.

according to question,

⟹ Compound interest is quarterly so time = 9/3 = 3 quarters.

⟹ Rate of interest, r = 20% per annum = 20/4 = 5% per quarter.

Now, we use formula,

⟹ A = P * (1 + r/100)^n

⟹ A = 40000 * (1 + 5/100)³

⟹ A = 40000 * (1 + 0.05)³

⟹ A = 40000 * (1.05)³

⟹ A = 40000 * 1.157625

⟹ A = Rs 46305

Now;

⟹ compound interest = A - P

⟹ compound interest = 46305 - 40000

⟹ compound interest = Rs 6305

Answer : Therefore compound interest is Rs 6305.

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Answer 2

Step-by-step explanation: