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Calculate the compound interest on ₹ 1000 over a period of one year at 10% per annum if interest is compounded annually |
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Answer» Answer: Given: P=1000,R=10% per ANNUM = 10
% per quarter (1 year is 4 quarters) =2.5 T=1 year=4 quarters CI=P(1+ 100 R
) T −P =1000(1+ 100 2.5
) 4 −1000 CI=1103.8−1000=103.8 ∴ INTEREST over 4 quarters will be Rs.103.8...... |
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