Question

Find the compound interest. Tanuj got from a company on his fixed deposit of rs. 8000 after 9 months at 20% per annum if the interest is payable quarterly.

Answer 1

P=8000

T=9months =3 quarter

R=20%=5%quarter

CI = p (1+R/100)t -p

=8000(1+5/100)3 - Rs 8000

= 8000× 21/20×21/20×21/20- Rs 8000

=9261-8000

=1261

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Answer 2

The compound interest of the company is Rs 1,261.

Explanation:

• The formula to compute the compound interest is as follows:

Compound Interest (CI) = $P {( 1+ r/100) ^3} - P$

Where:

P is principle which is Rs 8,000

T is Time period which is 9 months

But it is quarterly

• So the time period will be 9/3

      T is 3 months

      R is rate of interest which 20%

       It is quarterly

    So, r will be 20/4= 5%

• Putting the values above in the formula:

$CI = 8,000 {(1+\dfrac{5}{100})^3} - 8,000\\= 8,000\times \dfrac{ 21}{20} \times \dfrac{21}{20} \times \dfrac{ 21}{20 }- 8,000\\= 8,000 \times 1.05 \times 1.05 \times 1.05 - 8,000\\= Rs 9,261 - Rs 8,000\\CI = Rs 1,261$