Find the amount and compound interest at the rate of $10 %$ per annum for $1.5$ years on the amount of $R s . 8000$ when compounded quarterly.

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Solution

$A = P {(1 + \frac{R}{100})}^{n}$
Given:-
$R = 10 %$
$n = 1.5 years = 6 quarters$
$P = R s . 8000$
Therefore,
$A = 8000 {(1 + \frac{10}{100})}^{6}$
$\Rightarrow A = 8000 \times {(\frac{11}{10})}^{6}$
$\Rightarrow A = 8000 \times {(1.1)}^{6}$
$\Rightarrow A = 8000 \times 1.77 \approx R s . 14160$
Therefore,
$C . I . = A - P$
$\Rightarrow 14160 - 8000 = R s . 6160$

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