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What would be compound interest on Rs.16000 at 20% per annum for 9 months, compounded quarterly?

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What would be compound interest on Rs.16000 at 20% per annum for 9 months, compounded quarterly?
posted Sep 21, 2016 by anonymous

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1 Answer

0 votes

Converting annual interest rates to quarterly we get
20/4 = 5 percent.
Now there are three compounds (9 months has 3 sets of 3 months) so the final amount can be
Calculated as follows

16000*(1.05)^3 = 18522
18522 - 16000 = Compound interest = 2522.

answer Sep 21, 2016 by Tejas Naik
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