Find the compound interest on Rs 60,000 for
9 months at 12% per annum, when the interest
is compounded quarterly.
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Answer:
Principle P=60000
rate for annum 12%
rate for quarter 3%
n=3
A=P(1+r/100)^n.
A=60000(1+12/100)³
=60000*112/100*112/100*112/100
=6*112*112*112/100
=84295
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