Question

find the compound interest on $50,000 for 9 monthsat 8% annum compounded quarterly

Answer 1

C.I =$3060. 4
C.I =P[(1+R/100)-1]
=$50000[(51/50)CUBE - 1]
=$50000[(132651/125000)-1]
=$50000[(132651-125000/125000)]
=$50000 (7651/125000)
=$(2*7651/5)
=$(15302/5)
=$3060.4