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Given: Principal = ₹ 16000 Rate = 20% Time = 6 months = 1/2 year Interest is compounded quarterly Concept Used: If interest is compounded quarterly means interest is calculated in every three months that is 4 times in a year. We can simply convert this problem into a normal compound interest problem by multiplying the time by 4 and dividing the rate by 4 Formula Used: Amount = Principal[1 + (Rate/100)]Time Amount = Principal + Interest Calculation: New rate = 20%/4 = 5% New time = 1/2 × 4 = 2 years Amount = ₹ 16000[1 + 5/100]2 ⇒ ₹ 16000[1 + 1/20]2 ⇒ ₹ 16000[21/20]2 ⇒ ₹ 16000[441/400] So, Principal + Interest = ₹ 17640 ⇒ Interest = ₹ 17640 – ₹ 16000 ⇒ Interest = ₹ 1640 ∴ The compound interest on ₹ 16000 at the rate of 20% per annum for 6 months if the interest is compounded quarterly is ₹ 1640 India’s #1 Learning Platform Start Complete Exam Preparation
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A sum of 16000 earns 1640 as interest in 2 years when compounded annually find the rate of interest
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