Find the compound interest on
1,500 for 9 months at the rate of 4% per annum, the interest being paid quarterly.
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Answer:
P=1500
T=9 months
R=4%
compounded quarterly
so, C.I=P(1+r/100)^n - P
=>CI = 1500(1+4/3*100)^3-1500
=1500(75+1/75)^3-1500
=1500(76/75)^3 -1500
=>CI=2560.80-1500
CI=60.8
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