find the compound interest for an amount of rs 24000 taken for 1 year when the interest is added quarterly at the 8 %
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Answer:
The compound interest is 1,978.
Step-by-step explanation:
The formula for compound interest is
A = P(1+r/4)^4n
Here
P = Principal amount
R = interest rate per annum
n = time = number of years
Now put the values in the above formula.
A = 24000 x ( 1 + 0.08/4) ^4x1
A = 24000 x ( 1 + 0.02)^4
A = 24000 x (1.02)^4
A =24000 x 1.0824
A = 25,978
Compound interest = A -P
= 25,978 - 24,000
= 1,978
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