calculate the compound interest for 100 for 1÷2 year if the interest is paid quarterly at the rate of 8% per annum
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In such cases we use the following formula for compound interest when the interest is calculated quarterly. Here, the rate percent is divided by 4 and the number of years is multiplied by 4. Note: A = P(1 + r4100)4n is the relation among the four quantities P, r, n and A.
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