Question

Formula to calculate compound interest quarterly

Answer 1

Answer:

Assumption: Let the principle be P, rate be R and time be T , amount be A and compound interest be C.I.

To calculate compound interest quarterly,

A = P {1 + (R/400)}^(4T)

C.I. = A - P

If P = ₹1

R = 1%

T = 1 year

Then,

A = 1{1 + (1/400)}^(4×1)

=> A = 1{1 + (1/400)}^4

C.I. = A - P

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