Question

In compound interest what is the formula to find the interest rate if the interest is compounded monthly

Answer 1

C.I is calculated by the formulae:-

Interest for 1 year -- P*T*R/100(consider the interest X)

Interest for 2nd year -- P+X(interest of 1st year)*T*R/100(let's consider the interest Y).

Interest for 3rd year= P+Y(interest of previous year)*T*R/100

SO the concept is the interest of previous year is added to the principal of previous year and the added sum becomes the principal of the next year.

For example Find compound interest of Rs 1000 for 3 years at the rate of 10 percent per annum.

Solution :- 1st year interest=1000*3*10/100=₹300

C.I on 2nd year = (1000+300)*3*10/100 =1300*3*10/100=390

C.I on 3rd year =(1300+390)*3*10/100=1690*3*10/100=50700/100 =₹507.

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Answer 2

Answer:

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