What is the amount of Rs. 20000 in 9 months at 4% p.a. interest compound quarterly:
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Find the compound interest on Rs.20,000 in 2years at 4% per annum, the interest being compounded half-yearly ?
A. Rs 1648.64
B. Rs 1596.32
C. Rs 14826.56
D. Rs 11563.99
Answer : A. Rs 1648.64...
Step-by-step explanation:
Interest is compounded half-yearly, therefore,
Amount = P ( 1 + (R/2) /100 )2n - - - - - - - - - [Interest compounded Half-yearly]
Given :
Principal = Rs. 20000,
Rate = 2 % per half-year,
Time = 2 years = 4 half- years
Amount = 20000 [ 1 + 2 / 100 ]4
Amount = Rs.21648.64
Compound Interest = Total amount – Principal
= 21648.64 – 20000
= Rs. 1648.64
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