a certain sum amounts to rupees 24080 in 9 months at 6% interest, compound quarterly. determine the sum.
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Answer:
Here, Amount = Rs. 24080.00
Time = 9 months = 3/4 yr
rate of interest = 6%
P = ?
We know,
A = P ( 1 + r / 400 )4n
=> 24080 = P ( 1 + 6/400)4x3/4
=> 24080 = P(406/400)3
=> 24080 = P (1.015)3
=> 24080 = P x 1.0456
=> P = 24080/1.0456
=> P = 23029.84 (appprox)
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