find the total compound interest on rupees 1000 for 9 months the interest being payable after every three months at 8% compound interest
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Answered by
6
Answer:
₹61.20
Step-by-step explanation:
When compounded quarterly, the Rate becomes one-fourth and the Time is multiplied by four.
Principal (P) = ₹1000
Rate (R) = (8÷4) % = 2%
Time (n) = 9 months = (3/4 × 4) years = 3 years
Amount (A) = P (1 + R/100)ⁿ
=> A = 1000 (1 + 2/100)³
=> A = 1000 (51/50)³
=> A = ₹1061.20
Compound Interest = A-P = ₹1061.20 - ₹1000 = ₹61.20
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₹61.20 is the right answer
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