Find the amount and the compound interest on ₹100000 compounded quarterly for 9 months at the rate of 4% p.a.
Compound Interest
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Question

Find the amount and the compound interest on ₹100000 compounded quarterly for 9 months at the rate of 4% p.a.

KnowledgeBoat · Accepted Answer

Since rate of interest is 4% per annum, therefore rate of interest per conversion period (quarterly) = = 1%. As the money is invested for 9 months, therefore, n (the number of conversion periods) = = 3. Compound interest = Final amount - Principal = ₹103030.10 - ₹100000 = ₹3030.10 Hence, amount = ₹103030.10 and compound interest = ₹3030.10.

Mathematics

Find the amount and the compound interest on ₹100000 compounded quarterly for 9 months at the rate of 4% p.a.

Compound Interest

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