If the interest period is 3 months,find the compound interest on Rs 15000 for 9 months at 8% per annum
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Answer:
2759.09
Step-by-step explanation:
compound interest annualy = p(1+r/100)^n
- 15000(1+8/100)^3
- 15000(108/100+108/100+108/100)
- 15000(19683/16625)
- 15000*19683 ÷ 16625
- 17,759.09
- CI = A - P
- = 17759.09 - 15000.00
- = 2759.09
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