Question

find the compound interest for an amount of rs 24000 taken for 1 year when the interest is added quarterly at the 8 %​

Answer 1

Answer:

The compound interest is 1,978.

Step-by-step explanation:

The formula for compound interest is

A =  P(1+r/4)^4n

Here

P = Principal amount

R = interest rate per annum

n = time = number of years

Now put the values in the above formula.

A = 24000 x ( 1 + 0.08/4) ^4x1

A = 24000 x ( 1 + 0.02)^4

A = 24000 x (1.02)^4

A =24000 x 1.0824

A = 25,978

Compound interest = A -P

                              =  25,978 - 24,000

                              = 1,978