Calculate compound interest on 1000 over a period of 1 year at 10% per annum if interest is compounded quarterly! (8 class)
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Answer:
One year = 4 quarters
A=1000(1+(10/4)/100)^4
=1000(1+5/2*1/100)^4
=1000(1+1/40)^4
=1000(41/40)^4
=1000*2825761m/2560000
1*2825761/2560=1103.81
Ci=a:-P=1103.81-1000
=103.81 rupees.
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