Find the compound interest on ₹2500 for a year at 8 % per annum compounded quarterly.
Answers
P = 2500
R = 8%
Time = n = 1 year
Interest Compounded Quaterly.
A = P(1 + r/400)⁴ⁿ
=> 2500(1 + 8/400)^4
=> 2500(1 + 1/50)^4
=> 2500(51/50)^4
=> 2706.0804
CI = A - P
= 2706.0804 - 2500
= 206.0804
#BeBrainly
The compound interest = ₹ 208.0167
Given:
The principal amount = ₹2500
The rate of interest = 8% per annum [ compounded quarterly ]
Time period = 1 year
To find:
The compound interest
Solution:
NOTE:
The formula for compound interest is given by
C.I = P(1+ R/n)^nT - P
From given data,
The principal amount P = 2500,
R = 8% = 8/100 = 0.08 and time T = 1 year
Number of times of compounding = 3 [ ∵ 12/4 ]
⇒ C.I = 2500(1+ 0.08/3)³⁽¹⁾ - 2500
= 2500(1.027)³- 2500
= 2708.0167 - 2500
= 208.0167
Therefore,
The compound interest = ₹ 208.0167
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