Question

Namita borrowed 15000 from a bank if the rate of interest is 18 %per annum compunded quaterly

Answer 1

Formula to be implemented of compound interest =

$p \: \times ( \: 1 + \: r \div 100) {n}^{2}$

=> Principal = 15000

=> Rate of interest = 18%

=> compounded quarterly = 12/4 = 3

=> 15000 ( 1 + 18/100 )^3

=> 15000 ( [ 1 x 100 + 18/100 ] + 18/100)^3

=> 15000 ( 118/100 + 18/100 ) ^3

=> 15000 ( 136/100 )^3

=> 15000 ( 1.36 )^3

=> 15000 ( 2.515456 )

=> 37,731.84 will be the amount if its compounded quarterly . Hope it helps you. I answered as per your content of question.

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