Question

To calculate the compound interest on 15,000 at 20% per annum for 9 months, compounded quarterly
N= , R=​

Answer 1

Answer:

3 years and 5 %

Step-by-step explanation:

Principal , P = 15,000

Rate , R = 20 %

Number of years, N = 9 months = 9/12 years = 3/4 years

When interest is compunded quarterly rate is divided  by 4 and time is multiplied by 4

( quarter means 1/4 )

So rate, R = 20%/ 4 = 5%

Number of years, N = 3/4 x 4 years = 3 years