find the amount on rs 5,000 for one year at 8% pa compounded quarterly
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Answer:
₹5100
Step-by-step explanation:
Given that 8% interest per year means ₹8 interest for every ₹100. And quarterly means 1/4th of a year means 12 ÷ 3/4 = 3 months.
Total money ₹5000
The interest of 3 months is (8 ÷ 4)% = 2%
Total interest of ₹5000 for 3 months = (5000÷100)×2= ₹100
Total amount = 5000+100= ₹5100
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