how many rupees will be the compound interest on Rs16,000 for 9months at 20% per annum compound quarterly
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Principle = Rs.16000, Time = 9 months = 3 quarters
Rate = 20% per annum = 5% per quarter
=> Amount = Rs. [16000*(1+5/100)^3)]
= Rs.16000 * 21/20 * 21/20 * 21/20 = Rs. 18522
CI = Rs. (18522 - 16000) = 2522
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