Question

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

Answer 1

To calculate the interest compounded quarterly, we have: 
\[A = P \left( 1 + \frac{R}{400} \right)^{4n} \]
\[ = 64, 000 \left( 1 + \frac{10}{400} \right)^{4 \times 1} \]
\[ = 64, 000 \left( 1 . 025 \right)^4 \]
 = 70, 644 . 03
Thus, the required amount is Rs 70, 644 . 03.
Now, 
CI = A - P
 = Rs 70, 644 . 025 - Rs 64, 000
 = Rs 6, 644 . 03