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in Compound Interest by (44.3k points)

The compound interest on ₹ 40000 at 6% per annum for 6 months, compounded quarterly, is

(a) ₹ 1209 (b) ₹ 1902 (c) ₹ 1200 (d) ₹ 1306

1 Answer

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Best answer

(a) ₹ 1209

Explanation:

Present value= ₹ 40000

Interest rate= 6% per annum

Time=6 months

To find the amount we have the formula,

Amount (A) = P (1+(R/100))4n

Where P is present value, r is rate of interest, n is time in years.

Now substituting the values in above formula we get,

∴ A = 40000 (1 + (6/4)/100)2

⇒ A = 40000 (1+3/200)2

⇒ A = 40000 (203/200)2

⇒ A = 40000 (203/200)2

⇒ A = 203 × 203

⇒ A = ₹ 41209

∴ Compound interest = A – P

= 41209 – 40000 = ₹ 1209

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