he CI on rupees 8000 for 6 months at 12% p.a. payable quaterly is
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Answer:
compound interest = 243.60
Step-by-step explanation:
compound interest formula is given by:
compound interest = p[1+i]n -1]
p=the deposited amount
i = interest rate
n= period of investment normally in years .
Since compounding is done quarterly:
1) The interest is divided by four.
2) The period is multiplied by 4
from the question we have:
Time = 6/12 × 2=4
Interest = 12/4=3%
p=4000
We do the substitution in the formula below :
=4000[1.03)2-1]
=4000[1.0609]
=4000×0.609=243.60
the compound interest
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