Question

find the compound interest on Rs.62500 at 8%p.a., for 1 year, if the interest is compounded annually quarterly.


answer in detail​

Answer 1

Principal = ₹62500

Rate = 8% p.a

Time = 1 year

Compound amount

= P(1+R/400)^n

= 62500(1+8/400)⁴

= 62500×408/400×408/400×408/400×

408/400

= ₹67,652.01

Compound interest

= (Amount - Principal)

= ₹(67,652.01 - 62500)

= ₹5,152.01

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Answer 2

Answer:

P = Rs. 62,500

R = 8% pa = 2% per quarter

n = 9 months = 3 quarters

Formula Used:

Amount = P(1 + R/100)n

Calculation:

∴ According to the formula:

⇒ P(1 + R/100)n

⇒ 62,500(1 + 2/100)3

⇒ 62,500(51/50)3

⇒ 62500 × 51/50 × 51/50 × 51/50

⇒ ½ × 51 × 51 × 51

⇒ Rs. 66,325.5

∴ The amount is Rs. 66,325.5.