Question

Find the compound interset on a sum of ₹12,000 at the rate 8% per annum for 1 year compounded quatetly ?​

Answer 1

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

A=12000(1+8/100)^1

A=12000(108/100)^1

A=12960

NOW WE KNOW AMOUNT CALCULATE CI

CI=A-P

CI=12960-12000

CI=960