Find the compound interest on 10,000 for
9 months at 12% per annum compounded
quarterly.
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Answer:
1,248.64
Step-by-step explanation:
Given, principal (p) = 10,000
Rate(r) = 12% p.a = 4% per quarter
Time = 9 months
Therefore, n = 3
According to the formula,
Amount = P(1+(r/100))^n
= 10,000(1+(4/100))^3
= 10,000(26/25)^3
= 10,000*(17576/15625)
= 11,248.64
Therefore,
compound interest = amount -principal
=> C. I. = 11,248.64 - 10,000
=> C. I. = 1,248.64
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