dinesh invested rupees 10000 at the rate of 8% per annum . compounded quarterly. what amount would he get after 3/2
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Step-by-step explanation:
principal amount given is Rs. 10, 000
Interest rate is 8% per year for 12 months.
It is compounded half yearly.
So,After 6 months, interest added =
100
8
×10,000
=Rs.800.
Sum = 10000+800
=Rs. 10,800.
After 12 months, It is compounded with interest
=10,800×
100
8
=Rs.8.64
∴ Compound interest =800+864
=Rs.1664
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