find the compound interest if it compounded quarterly where principal is rupees 1000 rate of interest is 8% and time is 2 years ?
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compounded interest quarterly formula,
A=P(1+R/4/100)⁴n
=1000(1+8/4/100)⁴×2
=1000(1+2/100)⁸
=1000(100+2/100)⁸
=1000(102/100)⁸
=1062.31-1000
=62.31 is the ans
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