find simple intrest on Rs 8000 for 9 month at 16×3+2
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Answer:
We know formula for compound interest compounded quarterly
Amount=P(1+
n
r
)
nt
CompoundInterest=Amount−Principal
Given,
principal=Rs8000
Time=9months=9/12months
Rate=20%
=8000(1+
4
.2
)
12
9
×4
=8000(1+0.05)
3
=8000(1.05)
3
=8000×1.15762=9261
Amount is Rs9261
Compound interest will be=(9261-8000)=Rs1261
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