Find the compound interest on 32,000 for 9 months at 10% p.a. if the interest is being compounded quarterly
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Answer:
Given, P=32000 Rs
R=10 % p.a
n=9 months =
4
3
year
For compound quaterly
amount = P(1+
4×100
R
)
4n
=32000(1+
400
10
)
4×
4
3
=32000(1+0.025)
3
=34460.5Rs
Compound interest = Amount - Principal
=34460.5−32000
=Rs.2460.5
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