Find the compound interest on Rs 64000 for 1 year at the rate of 10%

Question:

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

Solution:

To calculate the interest compounded quarterly, we have:

$\mathrm{A}=\mathrm{P}\left(1+\frac{\mathrm{R}}{400}\right)^{4 \mathrm{n}}$

$=64,000\left(1+\frac{10}{400}\right)^{4 \times 1}$

$=64,000(1.025)^{4}$

$=70,644.03$

Thus, the required amount is Rs $70,644.03$.

Now,

$\mathrm{CI}=\mathrm{A}-\mathrm{P}$

$=\mathrm{Rs} 70,644.025-\mathrm{Rs} 64,000$

$=\mathrm{Rs} 6,644.03$

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