Find the compound amount which would be obtained from the interest of Rs.2000 at 6% compounded quarterly for 5 years.
3256.97
2567.90
1693.17
2693.71
Explanation:
=2000(1+.015)20
=2693.71
Let principal = 2000, r=6%=64×100=.015, n=5×4=20quarters
∴A=P(1+r)n=2000(1+.015)20
=2693.71