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Quarterly Interest rate = 8/4 = 2%
Therefore number of instances where the amount is compounded = 10×4 = 40
Therefore the amount at the end of 10 years =
10^6 ×(1.02)^40 = 2208039.66. Or a boost of 120.8% on investment.
If difference between the compounded interest and the simple interest on a certain sum at 10% per annum for 2 years is Rs.52, then what would be the the sum?
There is 60% increase in an amount in 5 years at simple interest.
What will be the compound interest of Rs. 10000 after 3 years at the same rate (compounded annually)?
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