Question

Find the compound interest on
1,500 for 9 months at the rate of 4% per annum, the interest being paid quarterly.​

Answer 1

Answer:

P=1500

T=9 months

R=4%

compounded quarterly

so, C.I=P(1+r/100)^n - P

=>CI = 1500(1+4/3*100)^3-1500

=1500(75+1/75)^3-1500

=1500(76/75)^3 -1500

=>CI=2560.80-1500

CI=60.8