Math, asked by nitumishra69, 1 year ago

find the compound interest in ₹1000 for 6months at 8%p.a.compounded quarterly

Answers

Answered by hiamrauf
3

Answer:


Step-by-step explanation:

To find compound interest when interest is compounded quarterly, we use the following formula :


A = P ( 1 + R/4 )4n and C.I. = A – P


Where, P = Principal

R = Rate of interest p.a (per annum i.e annually)

n = number of years.

Examples :


1) Find the compound interest on $320,000 for one year at the rate of 20% p.a., if the interest rate is compounded quarterly.


Solution:

Here, P = $320,000, R = 20% p.a. and n = 1 year.


∴ Amount after 1 year = P ( 1 + R/4 )4n


= 320,000 x ( 1 + 0.20/4 )4 x 1


= 320,000 x ( 1 + 0.05)4


= 320,000 x (1.05 )4


= 320,000 x 1.21550


= Rs. 388,962


∴ Compound interest = 388,962 – 320,000 = 68,962

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