Question

XYZ Bank pays 12% and compounds interest quarterly. If Rs. 1,000 are
deposited initially, how much shall it grow at the end of 5 years?

Answer 1

Answer:

the required answer is Rs.806.11

Step-by-step explanation:

principal=1000

rate=12%

time=5 years

The interest compounded quaterly

=amount=p(1+R/400)^4

Amount=1806.11

compound interest=amount -principal

=1806.11-1000

=806.11