calculate the compound interest on rupees 16000 for 9 months at 20% per annum compounded quarterly
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Solution
Principle = Rs.16000,
Time = 9 months = 3 quarters
Rate = 20% per annum = 5% per quarter
=> Amount = Rs. [16000*(1+5/100)^3)]
= Rs.16000 * 21/20 * 21/20 * 21/20
= Rs. 18522
CI = Rs. (18522 - 16000) = 2522
Principle = Rs.16000,
Time = 9 months = 3 quarters
Rate = 20% per annum = 5% per quarter
=> Amount = Rs. [16000*(1+5/100)^3)]
= Rs.16000 * 21/20 * 21/20 * 21/20
= Rs. 18522
CI = Rs. (18522 - 16000) = 2522
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