Question

find the compound interest on rupees 31,250 for 9 month at 60% per annum, compounded quarterly.​

Answer 1

Answer:

P= 31250, r(quarterly) = 16/4 = 4% = 0.04

t= 9 months, therefore in 9 months there will be 3 compounding every 3 months, n= no of compounding in 9 months = 3.

A= P(1+ r%)^(n)

A= 31250( 1.04)^(3 )

A= 35152

CI = A-P = 3902

Hope it helps !