find the amount and interest on 24000 for 9 month ,being given that interest is compounded quarterly at the rate of 20 paisa a rupee per annum
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Step-by-step explanation:
P=Rs 24000
Time or N = 6 months = 2 periods of 3 months each or n =2
Rate =20 paisa per one rupee per annum.
=20 paisa per 100 paisa
R=2℅ per annum
There are 4 quaters in a year so, R=20/4 = 5℅ for 3 months
A= P(1+R/100)n
A=24000(1+5/100)2
A=24000X 105/100x105/100
A=12x105x21
A=2640Rs
Compound interest = A-P
Compound interest = 26460-24000
=2460 Rs
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