Question

find effective rate of interest on rs 3000 for 1 year when 15 percent p.a c.i compound quarterly ​

Answer 1

Answer:

475.951

Step-by-step explanation:

Given,

$p = 3000 \: \\ r = 15\% p.a. = \frac{15}{4} \% \: per \: \: quarter \\ t = 1yr = 12months = \frac{12 \: months}{3 \: months} = compounded \: 4 \: times$

so, by applying compound interest formula, we get

$i = a - p = p \times {(1 + \frac{r}{100}) }^{t} - p \\ = 3000 \times { (1 + \frac{ \frac{15}{4} }{100} )}^{4} - 3000 \\ = 3000 \times ( {(1 + \frac{3}{80} )}^{4} - 1 ) \\ = 3000 \times ( {( \frac{83}{80} )}^{4} - 1 ) \\ = 3000 \times ( \frac{47458321}{40960000} - 1) \\ = 3000 \times ( \frac{47458321 - 40960000}{40960000} ) = 3000 \times \frac{6498321}{40960000} \\ = 3000 \times 0.1587 = 475.951$

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