Question

find the compound interest of rupees 16000 for 9 months at the rate of 20% 8 compounded quarterly

Answer 1

GIVEN P=16000, R=20%, N=9MONTHS=3/4YEARS AND COMPOUNDED QUATERLY.

FOR COMPOUNDED QUATERLY
AMOUNT = P[1+(R/4)/100]^4N
=16000[1+(20/4)/100]^{4 X (3/4) }
=16 X (21/20)^3
=18522
COMPOUND INTEREST (C.I.) IS

C.I.=AMOUNT - PRINCIPAL
=18522-16000
=Rs 2522............answer :)
Thanks