Compounded
Quarterly
P=Rs15000
T=6months
R=16%
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Answer:
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Step-by-step explanation:
Using the compound interest formula when interest is compounded quarterly , we have compound interest, CI = A - P
where Amount (final amount), A = P{1 + {(r/4)/100}⁴ⁿ, P = principal amount (the initial amount) = Rs 15,000
Rate of interest (r) = 16 % per annum
Number of years the amount is deposited or borrowed for (n) = 6/12 year = 1/2 year
∴ A = P{1 + {(r/4)/100}⁴ⁿ
A = 15,000{1 + (16/4)/100}⁴⁽¹/₂⁾
A = 15,000{1 + ⁴/₁₀₀}²
A = 15,000 (1 + ¹/₂₅)²
A = 15,000 (²⁶/₂₅)²
A = 15,000 x 1.0816
A = Rs 16,224
Therefore, compound interest, CI = A - P
CI = 16,224 - 15,000
CI = Rs 1,224
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