Find the compound interest on 15625 at 16% per annum for nine months when  Compounded quarterly

Asked by Shivankapilsharma | 4th Dec, 2018, 05:14: PM

Expert Answer:

According to the question,
 
P = Rs. 15625, r = 16% per annum = 16%/4 per quarter = 4% per quarter
n = 9 months = 3 quarters
Amount = P(1 + r/100)n = 15625(1 + 4/100)3 = Rs. 17576
Interest = A - P = 17576 - 15625 = Rs. 1951

Answered by Sneha shidid | 5th Dec, 2018, 09:31: AM