Question

Find the compound interest on 8000 for six months at 20% per annum compounded quarterly?​

Answer 1

Answer:

1,261

Explanation:

Answer 2

Answer:

Your Answer Brother

Explanation:

We are going to use the formula of compound interest which is written below:

C.I.=P(1+rn)nt−P

Where P: the Principal (or original amount)

r: annual rate of interest

n: number of times interest compounded per time period

t: number of years on which the interest has applied

It is given that:

The principal (or original amount) is Rs 8000.

Annual rate of interest is 20%.

The interest is compounding quarterly means n = 4.

The interest compounded quarterly for 9 months means t=912year.

Now, substituting these values in the compound interest formula we get,

C.I.=8000(1+20100(4))4×912−8000C.I.=8000(1+(0.25×0.2))3−8000C.I.=8000(1+.05)3−8000C.I.=9261−8000C.I.=1261

So, the compound interest on Rs 8000 at 20% per annum for 9 months compounded quarterly is 1261.