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Find the compound interest on Rs. 10,000 for one year at the rate of 20% per annum, if the interest is compounded quarterly. * |
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Answer» Step-by-step EXPLANATION: Principle=Rs. 10000 Rate QUARTERLY= 20/4= 5% Time conversion PERIODS= 4 By FORMULA, Amount=P[1+(R/100)]^T =10000[1+(5/100)]^4 =10000[1+(1/20)]^4 =10000[21/20]^4 =10000*(194,481/160,000) =Rs. 12155.06 Therefore, CI=12155.06-10000=Rs. 2155.06 |
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