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Find the amount and the compound interest on 24000 for 9 months, if the inter.est is payable quarterly at the rate of 20 paisa a rupee per annum. |
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Answer» P = Rs. 24000 Time or n = 6 months = 2 periods of 3 months each or n= 2. Rate = 20 paisa per one rupee per annum = 20 paisa per 100 paisa R = 20 % per annum There are 4 quarters in a YEAR so, R = 20/4 = 5 % for 3 months A = P(1 + R/100)ⁿ A = 24000(1 + 5/100)² A = 24000 × 105/100 × 105/100 A = 12 × 105 × 21 A = 26460 Rs. Compound Interest = A - P Compound Interest = 26460 - 24000 Compound Interest = 2460 Rs. |
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