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Question
Find the compound interest on Rs 8000 for 9 months at 20% per annum compounded quarterly.
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Solution
P = Rs 8, 000
T = 9 months = 3 quarters
R = 20 % per annum = 5 % per quarter
\[A = 8, 000 \left( 1 + \frac{5}{100} \right)^3 \]
\[ = 8, 000 \left( 1 . 05 \right)^3 \]
= 9, 261
The required amount is Rs 9, 261.
Now,
CI = A - P
= Rs 9, 261 - Rs 8, 000
= Rs 1, 261
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