find the amount Rs 3000 will become in 2 years at 10% annually,if interest is compounded quarterly
Answers
Answered by
1
A = P(1 + r/100)∧n
In this case n = 2x4 = 8 (In one year it is compounded 4 times)
Rate, r = 10÷ 4 = 2.5
∴ A = 3000x(1 + 2.5/100)∧8
A = 3000x(1.025)∧8
= Rs. 3655.21
In this case n = 2x4 = 8 (In one year it is compounded 4 times)
Rate, r = 10÷ 4 = 2.5
∴ A = 3000x(1 + 2.5/100)∧8
A = 3000x(1.025)∧8
= Rs. 3655.21
Similar questions