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Find the compound interest on Rs. 64000 for 1 year at the rate of $10 %$ per annum compounded quarterly.

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Rs. 6924.03

Rs. 6624.03

Rs. 6644.03

Rs. 6844.03

answer is A.

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Detailed Solution

Given,

Principal (P) = Rs 64000 Rate (R) = 10 % p .a . Time (T) = 1 year

Compound interest can be evaluated by Amount - Principal,
Also rate of interest compounded quarterly,

⇒ 104 % per quarter year

Time (T) will also be taken quarterly that is

T = 4

quarters,
The formula to calculate the amount is given by

A = P 1 + R 100 n ⋅ ⋅ ⋅ ⋅ ⋅ ⋅ (1)

Where

A =

Amount,

P =

Principal,

R =

Rate,

n =

Time.
Substitute the given value in equation (1) and solve for amount A,

A = P 1 + R 100 n ⇒ A = 64000 1 + 10400 4 ⇒ A = 64000 1 + 140 4 ⇒ A = 6400041404

A =

Rs. 70644.03
Therefore,
The amount after 4 quarter Rs. is

A =

Rs. 70644.03
Now, compound interest (CI) is,

C I = A − P ⇒ C I = 70644.03 − 64000 ⇒ C I = Rs 6644 .03

Thus, the compound interest is Rs. 6644.03.
Therefore, option (1) is correct.

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