Dolly deposited 3 15000 in a cooperative society that give compound interest. She took out her money after 9
months. If the interest rate was 12% and calculated quarterly, what was the compound interest? Use formulae only.
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Solution:
Here, P = $320,000, R = 20% p.a. and n = 1 year.
∴ Amount after 1 year = P ( 1 + R/4 ) 4n
= 320,000 x ( 1 + 0.20/4 ) 4 x 1
= 320,000 x ( 1 + 0.05) 4
= 320,000 x (1.05 ) 4
= 320,000 x 1.21550
= Rs. 388,962
∴ Compound interest = 388,962 – 320,000 = 68,962
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