Question

Find the compound interest on Rs. 50000 for 9 months at 8 percent per annum compounded quarterly.​

Answer 1

Rs. 3060.4

Explanation:

`\sf{ A = P * (1 + (r)/(n))^(nt) }`

`\sf{ A = 50000 * (1 + (8)/(4) * (1)/(100) )^{4 * (3)/(4)} }`

`\sf{ A =53060.4 }`

.

compound interest

`\sf{ Ci = A - P}`

`\sf{ Ci = 53060.4 - 50000}`

`\sf{ Ci = 3060.4 }`

Answer 2

• ₹ 3060.40

Explanation:

Given:

• Principal P = ₹ 50000
• Interest rate r = 8% PA
• Time t = 9 months = 9*1/12 years = 3/4 years
• Number of compounds per year n = 4

The amount of interest:

• 
  `I = P*(1+r/n)^(nt) - P`
• 
  `I = 50000*(1+8/4*1/100)^(4*3/4)-50000= 3060.40`