Question

Find the amount and the compound interest on ₹15625 for 9 months if interest is compounded quarterly at 16% per annum​

Answer 1

Answer:

Rs 1951

Step-by-step explanation:

1. According to the question,
2. P = Rs. 15625, r = 16% per annum = 16%/4 per quarter = 4% per quarter.
3. n = 9 months = 3 quarters.
4. Amount = P(1 + r/100)n = 15625(1 + 4/100)3 = Rs. 17576.
5. Interest = A - P = 17576 - 15625 = Rs. 1951.