Question

Find the compound interest on rs 15 625 for 9 months at 16% per annum compounded quarterly

Answer 1

Principal =15,625 Rs Time=9months=3 quarters rate of interest is=16% per annum= 4% per quarter
[15625×(1+4/100)^3]
=[15625×26/25×26/25×26/25]
=[26×26×26]
=17576
CI=(17576-15625) = 1951Rs
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Answer 2

Answer:

The compound interest is Rs.1951.

Step-by-step explanation:

Given : Rs.15,625 for 9 months at 16% per annum compounded quarterly.

To find : The compound interest?

Solution :  

The formula to find compound interest is

$A=P(1+r)^t$

Where, A is the amount

P is the principal P=Rs.15625

r is the rate r=16%=0.16

Compounded quarterly,

$r=\frac{0.16}{4}=0.04$

t is the time t=9 months

9 months=3 quarters

So, t=3

Substitute the values in the formula,

$A=15625(1+0.04)^3$

$A=15625(1.04)^3$

$A=15625(1.124864)$

$A=17576$

The amount is Rs.17576.

Compound interest = Amount - Principal

Compound interest = Rs.17576 - Rs.15625

Compound interest = Rs.1951

Therefore, The compound interest is rs.1951.