Question

Find the compound interest on Rs. 160000 for one year at the rate of 20% per annum, if the interest is compounded quarterly.​

Answer 1

The amount to which ₹160000 will hrow@20% per annum compounded quarterly after 1 year is 160000 × 1.05^4 =194481

The compound interest is therefore 194481 -160000 =34481

Answer 2

P= 16000

R= 20% p.a

N= 1 year

we know that ,

A= P(1+r/100)^n

A =16000 x (1+20/100)^4

A= 16000(1.05)^4

Amount = 19488.1

now C.I = A- P

C.I = 19488.1 - 16000

Compound interest = Rs. 3488.1

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