Find the compound interest on a sum of Rs. 125000 for- 9 months at the rate of 8 per cent per annum compounded quarterly.
Find the compound interest on a sum of Rs. 125000 for- 9 months at the rate of 8 per cent per annum compounded quarterly.
1). Rs. 7651
2). Rs. 756
3). Rs. 7165
4). Rs. 7251
2 answers
Amount when interest is compounded quarterly
=> $A = P (1 + \frac{\frac{R}{4}}{100})^{4T}$
= $1,25,000 (1 + \frac{\frac{8}{4}}{100})^{4 \times \frac{3}{4}}$
= $1,25,000 (1 + \frac{1}{50})^3$
= $1,25,000 \times \frac{51}{50} \times \frac{51}{50} \times \frac{51}{50}$
= $51 \times 51 \times 51 = $Rs. $1,32,651$
$\therefore$ C.I. = $1,32,651 - 1,25,000$
= Rs. $7,651$
Amount when interest is compounded quarterly
=> $A = P (1 + \frac{\frac{R}{4}}{100})^{4T}$
= $1,25,000 (1 + \frac{\frac{8}{4}}{100})^{4 \times \frac{3}{4}}$
= $1,25,000 (1 + \frac{1}{50})^3$
= $1,25,000 \times \frac{51}{50} \times \frac{51}{50} \times \frac{51}{50}$
= $51 \times 51 \times 51 = $Rs. $1,32,651$
$\therefore$ C.I. = $1,32,651 - 1,25,000$
= Rs. $7,651$
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