Question

Find the amount and the compound interest on 24,000 for six months if the interest is payable quarterly at the rate of 20 paise a rupee per annum

Answer 1

Please refer to the attachment for your answer.

Your answers are -

$\boxed{Amount - 26,460}$

$\boxed{Compound \:interest - 2,460}$

Hope it'll help.. :-)

Answer 2

Given that,

Principle amount P = 24000

Rate = 20%

Rate in quarterly.

$R=\dfrac{20}{4}=5\%$

Time = 6 month

$t=\dfrac{6}{12}\ year$

$t=\dfrac{1}{2}\ year$

Interest is payable quarterly

So, the time will be

$t=\dfrac{1}{2}\times4$

$t=2\ years$

We need to calculate the amount

Using formula for amount

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

Put the value into the formula

$A=24000(1+\dfrac{5}{100})^2$

$A=26460\ rupee$

We need to calculate the compound interest

Using formula of compound interest

$C.I=A-P$

Put the value into the formula

$C.I=26460-24000$

$C.I=2460\ rupee$

Hence, The amount is Rs, 26460

The compound interest is Rs. 2460