Question

Find the compound interest on Rs. $4000$ at the rate of $24\%$ per annum for $3$ months compounded monthly.

Answer 1

$P=Rs.4000,r=24\%,n=\frac{3}{12}$

$CI=P[1-(1+\frac{r}{100}{)}^n]$

$⟹CI=4000[1-(1+\frac{24}{100}{)}^{(}3/12)]$

$⟹CI=Rs.244.832$