Question

Manoj lent Rs.15000 for 9 months at the rate of 8percent per annum compound quarterly. what interest does he receive at the end of9 months?​

Answer 1

Answer:

918.12 rupees.

Step-by-step explanation:

Since, the amount formula in compound interest,

$A=P(1+\frac{r}{n})^{nt}$

Where,

P = Principal amount,

r = annual interest,

n = number of compounding periods in a year,

t = number of years,

Here, P = 15000, r = 8% = 0.08, t = 9 months = $\frac{3}{4}$ years, n = 4 ( there are 4 quarters in a year ),

Thus, amount would be,

$A=15000(1+\frac{0.08}{4})^3$

$=15000(1+0.02)^3$

$=15000(1.02)^3$

= 15918.12 rupees,

Thus, interest = A - P = 15918.12 - 15000 = 918.12 rupees.

Answer 2

Answer:

Rs 908 is the compound interest.

Step-by-step explanation:

Principal money =Rs15000.

Rate of interest = 8%

Time = 9 months = 0.75 year.

Interest is compounded quarterly.

Amount = 15000(1+0.08/4) ^(4×0.75)

= Rs 15918

Therefore compound interest is Rs (15918-15000) = Rs 918.