Question

Find the amount to be paid
at the end of 1 year on ₹1800 at 8% per annum compounded quarterly

Answer 1

Principal, P = Rs. 1800

Rate of interest, R = 8% p.a

Time period = 1 year compounded quarterly

Hence n = 4

Recall the formula,

A=P(1+R/100)^n

=> A=1800(1+8/100)^4

=> 1800×(108/100)^4

=> 1800×(27/25)^4

=>2248.90 (nearly)

Amount to be paid at the end of 1 year is Rs 2448.90

Answer 2

The amount that will be due after a year on $ 1800 at a compounded annual interest rate of 8% is $1948.377

Given that,

We have to find the amount that will be due after a year on $ 1800 at a compounded annual interest rate of 8%.

We know that,

To find the amount we have a formula that is

A = p( 1+ $\frac{r}{n} )^{nt}$

Here,

p is $1800

r is rate of interest 8% annum

n is 4

t is time for 1 year

We get

A= 1800(1+$\frac{8}{400})^{4\times 1}$

A = 1800(1+0.02)⁴

A = 1800(1.02)⁴

A = 1800(1.08)

A = 1948.377

Therefore, The amount that will be due after a year on $ 1800 at a compounded annual interest rate of 8% is $1948.377

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