Question

Find the compound interest on rupees 16000 for 2 years at rate of 10% per annum if the interest is compounded quaterly.

Answer 1

Answer:

19494.446

Step-by-step explanation:

16000+2.5%+2.5%+2.5%+2.5%+2.5%+2.5%+2.5%+2.5%

2.5% = 10%÷4

Answer 2

Answer : 3494.44

Step-by-step explanation:

r = 10/4 = 2.5% quarterly

t = 2yrs = 8 quarters

c.i = 16000[1 + 2.5/100)^8 - 1]

= Rs 3494.44