find the rate at which rupees 4000 will give rupees 630.50 as compound interest in 9 month interest being compounded quarterly
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Answer:
20%
Step-by-step explanation:
Given, P = RS. 4000, n = 9 months = 34yr
and CI= RS. 630.
Amount = P + CI = 4000 + 630.50 = rs. 4630.50
According to the formula,
Amount = P(1+R100×4)4n
=> 4630.50=4000(1+R400)4×3/4
=> 4630.50=4000(400+R400)3
=> 4630.504000=(400+R400)3
=> 92618000=(400+R400)3
=> (2120)3=(400+R400)3
=> 400+R400=2120
=> 400+R=21×20=420
R=420-400=20%
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