Find the C.I on ₹ 2000 for a month at 12% p.a the interest I being compounded quarterly.
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Answer is ₹187.583
Solution:
Principal P = ₹2000
ROI r = 12%
Time n = 1 year
Since the interest is compounded quarterly.
Then, CI = P × (1 + r/400)^4n
or CI = 2000 × (1 + 12/400)^4×1
or CI = 2000 × 1.1255
or CI = ₹2251
Then CI for a month = 2251/12
= ₹187.583
Solution:
Principal P = ₹2000
ROI r = 12%
Time n = 1 year
Since the interest is compounded quarterly.
Then, CI = P × (1 + r/400)^4n
or CI = 2000 × (1 + 12/400)^4×1
or CI = 2000 × 1.1255
or CI = ₹2251
Then CI for a month = 2251/12
= ₹187.583
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