Find the compound interest on RS 16000 at 20% p.a for 9 months compounded quarterly. Can you also give the formula to find the compound interest compounded quarterly. Thx
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Answer:
2522
Step-by-step explanation:
1 quarter = 1/4 * 12 = 3 months
thus 9 months = 9/3 = 3 quarters
rate quarterly = 20/4 = 5%
c.i = p[ ( 1 + r/100)^t - 1 ]
=16000[(1+ 5/100)^3 - 1]= 2522
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