Question

find the amount and compound interest at the rate of 10% per annum for 1.5 years on the amount of ₹8000 when compounded quarterly​

Answer 1

SOLUTION:-

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Given:

• Principal,[P]= Rs.8000
• Rate,[R]= 10% p.a.
• Time,[n]= 1.5 years

To find:

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The amount & compound Interest.

Explanation:

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The Interest is compound quarterly: 4 months

So,

$= > \frac{15}{10} \times 4 \\ \\ = > \frac{60}{10} \\ \\ = > 6 \:$

We know, Compound Interest:

C.I.= Amount- Principal

&

$A = P(1 + \frac{R}{100} ) {}^{n}$

Therefore,

$A = 8000(1 + \frac{10}{600} ) {}^{6} \\ \\ A = 8000(1 + \frac{1}{60} ) {}^{6} \\ \\ A = 8000( \frac{60 + 1}{60} ) {}^{6} \\ \\ A = 8000( \frac{61}{60} ) {}^{6} \\ \\ A = 8000 \times \frac{61}{60} \times \frac{61}{60} \times \frac{61}{60} \times \frac{61}{60} \times \frac{61}{60} \times \frac{61}{60} \\ \\ A = 8 \times \frac{61}{6} \times \frac{61}{6} \times \frac{61}{6 } \times ( \frac{61}{60} ) \times (\frac{61}{60} ) \times ( \frac{61}{60} ) \\ \\ A = \frac{1815848}{216} \times \frac{226981}{216000} \\ \\ A = Rs.(8406.703\times 1.05 083) \\ \\ A = Rs.8834.08$

Now,

C.I.= Rs.8834.08 - Rs.8000

C.I.= Rs.834.08

:)