Find the compound interest and the total amount after 111 year and 111 month if the interest is compounded quarterly.
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Step-by-step explanation:
It is given that
Principal (P) = 100000
Rate of interest = 4% p.a. or 1% quarterly
Period (n) = 9 months or 3 quarters
We know that
P(1+r/100)
n
Substituting the values
= 100000(1+1/100)
3
By further calculation
=100000×101/100×101/100×101/100
= 103030.10
Here
CI = A - P
Substituting the values
= 103030.10−100000
= 3030.10
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