Find the compound interest on Rs. 64000 for 1 year at the rate of 10% – InterviewSolution

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1.

Find the compound interest on Rs. 64000 for 1 year at the rate of 10% per annum compounded quarterly.

Answer»

Given details are,

Principal (p) = Rs 64000

Rate (r) = 10 % = 10/4 % (for quarterly)

Time = 1year = 1× 4 = 4 (for quarter in a year)

By using the formula,

A = P (1 + R/100)ⁿ

= 64000 (1 + 10/4×100)⁴

= 64000 (410/400)⁴

= Rs 70644.03

∴ Compound Interest = A – P = Rs 70644.03 – Rs 64000 = Rs 6644.03

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