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The C.I on Rs. 40000 at 10% p.a for 1 year when the interest is payable quarterly is
- a)Rs. 4000
- b)Rs. 4100
- c)Rs. 4152.5
- d)none of these
Correct answer is option 'C'. Can you explain this answer?
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Calculation of Compound Interest:
Given, Principal amount (P) = Rs. 40000
Rate of interest (R) = 10% p.a
Time (T) = 1 year
Interest payable quarterly, i.e., n=4
Formula for calculating compound interest is:
A = P(1 + R/n)^(nT)
where A is the amount at the end of the time period.
Substituting the given values in the formula, we get:
A = 40000(1 + 0.1/4)^(4*1)
A = 40000(1 + 0.025)^4
A = 40000(1.025)^4
A = 44152.51
Calculation of Compound Interest (CI):
CI = A - P
CI = 44152.51 - 40000
CI = 4152.51
Therefore, the compound interest on Rs. 40000 at 10% p.a for 1 year when the interest is payable quarterly is Rs. 4152.51. The correct option is (C).
Given, Principal amount (P) = Rs. 40000
Rate of interest (R) = 10% p.a
Time (T) = 1 year
Interest payable quarterly, i.e., n=4
Formula for calculating compound interest is:
A = P(1 + R/n)^(nT)
where A is the amount at the end of the time period.
Substituting the given values in the formula, we get:
A = 40000(1 + 0.1/4)^(4*1)
A = 40000(1 + 0.025)^4
A = 40000(1.025)^4
A = 44152.51
Calculation of Compound Interest (CI):
CI = A - P
CI = 44152.51 - 40000
CI = 4152.51
Therefore, the compound interest on Rs. 40000 at 10% p.a for 1 year when the interest is payable quarterly is Rs. 4152.51. The correct option is (C).
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