Find the compound interest on Rs 10000 for 1 year at 20% per annum interest being payable quarterly
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Solution
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Here, P=Rs10000,R=20 Amount after 1 year A=P(1+R400)4×1 =10000×(1+20400)4×1 =10000×(1+120)4 =10000×(2120)4 =10000×2120×2120×2120×2120=12155.0625 ∴Compound interest=A−P=12155.0625−10000=2155.0625
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