find the compound interest on 10000 at 10% per annum for 2 ¼ years
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Find the compound interest on Rs. 10000 for 12 month at 10% per annum. If the interest is compounded.
Quarterly
Medium
Solution
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P=Rs. 10000
T=12 months=1year
R=10% p.a
Compounded quarterly
∴n=4
A=P(1+
n
R
)
nT
=10000[1+
4
10
]
4×1
=10000×(
4
14
)
4
=10000×(
2
7
)
4
=
2×2×2×2
10000×7×7×7×7
A=Rs. 1500625
Compound Interest=Amount−P
=Rs. (1500625−10000)
=Rs. 1490625.
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