Question

Find the compound interest on a sum of $12000 at the rate of 8%per annum for 1 year compounded quarterly

Answer 1

• P = $ 12000
• R= 8%
• If the interest is compounded quarterly

Amount = P [ 1+r/400]⁴ⁿ

              = $ 12000 [ 1+8/400]⁴

              = $ 12000 (51/50)⁴

               = $ 12000 x 6765201/6250000

               = $ 12989.185

CI = 12989.185- 12000 = $989.185

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Answer 2

Answer:

See The Attachment ✌✌

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