Question

find compound interest for principal=1 crore, time=20 years and rate of interest=6%​

Answer 1

First, convert R as a percent to r as a decimal

r = R/100

r = 6/100

r = 0.06 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 10,000,000.00(1 + 0.06/12)(12)(20)

A = 10,000,000.00(1 + 0.005)(240)

A = $33,102,044.76

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $10,000,000.00 at a rate of 6% per year compounded 12 times per year over 20 years is $33,102,044.76.