calculate compound interest on Rs 1000 over a period of 1 year at 10 % per annum ,if interest is compound quarterly?
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Answer:
Amount = 1076.89
Compound Interest = 76.89
Step-by-step explanation:
Principal ( P ) = 1000
Rate ( R ) = 10 %
Time ( n ) = 1 year
Compound Interest ( CI ) = Amount (A) - Principal (P)
Amount = ?
Amount = P ( 1 +
= 1000 ( 1 +
= 1000 ( 1 +
= 1000 × × ×
= 1076.89
CI = A - P
= 1076.89 - 1000
= 76.89
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