Question

Find the compound interest on rs 16000 on rs 16000 at 20% per annum for 9 months compounded quarterly

Answer 1

Principal = Rs. 16000; Time = 9 months =3 quarters;

Rate = 20% per annum = 5% per quarter.

Amount = Rs. [16000 x (1+(5/100))3] = Rs. 18522.

CJ. = Rs. (18522 - 16000) = Rs. 2522