Question

find the amount and compound interest on ₹24000 for six months if the interest is payable quarterly at the rate of 20 paise a rupee per annum.

Answer 1

compound interested is Rs 2460
amount = Rs 26460
rate of interest=20/100= 20%per annum=20/4=5% per quarter
time=6months = 2 quarters
=24000×(1+5/100)^2
24000×21/20×21/20=26460
ci=26460-24000=2460