Kavya deposited $8500 in a bank which pays her 12% interest per annum compounded quarterly. What is the amount which she receives after 9 months
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- Principle = $ 8500
- Rate = 12%
- Time = 9/12 = 3/4 years
Amount = P[1+r/400]⁴ⁿ
= $8500 [ 1+12/400]³
= $ 8500 x [103/100]³
= $ 8500 x 1092727/1000000 = $9288.17
Amount = $ 9288.17
Thank u.
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Vaishnavi4588:
Its ok
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