Quarterly Interest rate = 8/4 = 2% Therefore number of instances where the amount is compounded = 10×4 = 40 Therefore the amount at the end of 10 years = 10^6 ×(1.02)^40 = 2208039.66. Or a boost of 120.8% on investment.
How much times (in years) will it take for an amount of Rs. 450 to yield Rs. 162 an interest at 4.5% per annum of simple interest?
What is the absolute difference between simple and compound interests compounded annually on 20000 for 2 years at 5% per annum?
