Find the compound interest on Tk. 15,625 for 9 months at 16% per annum compounded quarterly.

Find the compound interest on Tk. 15,625 for 9 months at 16% per annum compounded quarterly. Correct Answer Tk. 1951

P = TK.15, 625, n = 9 months = 3 quarters, R = 16% p.a = 4% quarter. Amount = TK.[ 15625 × (1 + 4/100)2 = TK. (15626 × 26/25 × 26/25 × 26/25) = TK.17576 C.I = TK.(17576 - 15625) = TK.1951
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