Question

Ajit borrowed ₹2,00,000 from a credit card company at 20% p.a. compounded quarterly, Find the compound interest and the amount after one year.
NO SPAMS.
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Answer 1

Answer:

A=p(1+

n

r

)

nt

p=2,00,000

r=20%. pa

n=1 year

t=4 years

∴A=2,00,000(1+

4

20

%)

1×4

=2,00,000(1+

100

5

)

1×4

=2,00,000(1.05)

4

=2,00,000(1.2155)

A=243100

I=A−P

=243100−200000

I=43,100