Question

Ajit borrowed ₹2,00,000 from a credit card company at 20% per annum compounded quarterly.Find the compound interest and the amount after 1 year.
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Answer 1

Answer:

Ajit borrowed Rs. 2,00,000 from a credit card company at 20

Explanation:

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Answer 2

Answer:

Amount = 200000(1+20/400)^4=200000(1.05)^4

Because 1 year=4 quarters

CI=200000×(1.05)^4-200000