Question

Find amount on Rs.320000 for one year at the rate of 20% per annum if interest is compounded quarterly ​

Answer 1

Answer:

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Answer 2

Answer:

68962

Step-by-step explanation:

When compounded annually:

Amount =P(1+  r/100 )^n

When compounded quarterly:

Amount =P(1+  r/4/100 )^4n

  Where P= principle, r= rate of internal n= time

r = 20% r/4 = 20/4 = 5% n = 1 yr 4n = 4years

Amount =320000(1+  5/100)^4

=388962

Compound interest = Amount - principle  

=388962−320000

=68962