Question

Find the amount and compound interest on rs24000 for six months if the interest is payable quarterly at the rate of 20 paise a rupee per annum

Answer 1

Answer:

Principal Amount = 34560 Rs.

Compound Interest = 10560 Rs.

explanation  ->

Principal = 24000

Time = 6 months

Interest rate = 20 paise a rupee = 20% p.a payable quarterly

After 3 months (one quarter),

Principal becomes 24000 × (1 + 20/100) = 28800 Rs.

After 6 months (two quarters),

Principal becomes = 28800 × (1 + 20/100)  = 34560 Rs.

Hence,

Principal Amount = 34560 Rs.

Compound Interest = 10560 Rs.