Question

Find the CI for P=₹28000,. time=6 monyhs , ratge =12% per annum with interest being compunded quarterly​

Answer 1

Correct Question:

• Find CI for P = ₹ 28000, time = 6 months and rate = 12% per annum with interest being compounded quarterly.

Answer:

• Compound Interest is ₹ 1705.2

Step-by-step explanation:

Given that:

• P = ₹ 28000
• R = 12%
• T = 6 months

As we know that:

If interest is compounded quarterly. Then,

• Rate = R/4
• Time = 4n

So,

• Rate = 12/4 = 3%

• Time = (6/12) × 4 = 0.5 × 4 = 2

Substituting the values,

$\sf{Amount = 28000\bigg(1+\dfrac{3}{100}\bigg)^2}$

Adding 1 and 3/100,

$\sf{\hookrightarrow28000\bigg(\dfrac{100+3}{100}\bigg)^2}$

$\sf{\hookrightarrow28000\bigg(\dfrac{103}{100}\bigg)^2}$

Opening the bracket,

$\sf{\hookrightarrow28000\times\dfrac{103}{100}\times\dfrac{103}{100}}$

Cutting off the zeros,

$\sf{\hookrightarrow28\!\!\!\not{0}\!\!\!\not{0}\!\!\!\not{0}\times\dfrac{103}{1\!\!\!\not{0}\!\!\!\not{0}}\times\dfrac{103}{10\!\!\!\not{0}}}$

$\sf{\hookrightarrow28\times103\times\dfrac{103}{10}}$

Multiplying the numbers,

$\sf{\hookrightarrow\dfrac{297052}{10}}$

Dividing the numbers,

$\sf{\hookrightarrow29705.2}$

Hence, Amount = ₹ 29705.2

Now,

As we know that:

• CI = Amount - Principal

Substituting the values,

CI = ₹(29705.2 - 28000)

= ₹ 1705.2

Hence, CI = ₹ 1705.2