Question

If C.I is calculated monthly ,then duration is taken as ____​

Answer 1

Step-by-step explanation:

Concept to be used

Compound Interest :

P = Principal

R = Rate of interest per annum

n = Time period

Firstly check whether the given rate of interest is compounded annually or not . If it is not compounded annually then convert the year according to the rate of interest

If it is compounded k times in a year then use the formula :

$c.i = p(1 + \frac{r}{100} ) ^{nk}$

EVALUATION

Here it is given that compound interest is calculated monthly then interest rate is taken as, R/12

FINAL ANSWER

If compound interest is calculated monthly then interest rate is taken as, R/12(R upon 12 ) monthly.