Find the coumpound interest on Rs.12500 for 1 and half years at 8% per annum coumpounded annualy
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Find the compound interest on Rs. 12500 at 8% per annum for 9 months compounded quarterly.
A. 1020
B. 1428
C. 765
D. 550
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Hint: To solve this question, we need to gather information from the question such as principal, rate of interest and time and then to find the compound interest put these values in the formula given as
total amount=principal amount×(1 + rate100)time
Complete step-by-step answer:
Given that
Principal amount= Rs. 12500
Rate compounded quarterly
⇒rate=84=2%
Time =9 months
=912years=912×4 quarters=3 quaters
As we know that,
Compound interest = total amount – principal amount
Total amount is given by
⇒total amount=principal amount×(1 + rate100)time
Substituting the values in the above formula, we get
⇒total amount=12500×(1+2100)3=12500×(5150)3⇒total amount=Rs. 13265
Compound interest = total amount – principal amount
=Rs. (13265−12500)=Rs. 765
Answer:
compound interest is 765 rupees.