What is the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded quarterly?

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Quarterly rate = 8 / 4 = 2%. Time = 4 quarters. Amount = 10000 * (1 + 2/100)^4 = 10000 * (1.02)^4 = 10000 * 1.082432 = Rs. 10824.32. Compound Interest = 10824.32 - 10000 = Rs. 824.32.

What is the compound interest on Rs. 10000 for 1 year at 8% per annum, compounded quarterly? MCQ with Answer and Explanation

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