Mr shenoy deposits rs 40,000 at an interest of 12% per annum compounded quarterly. what is the amount that he will get at the end of 6 months.
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Answer :
Principal = 40,000
Rate = 12% p.a.
Time = 6 months
= 6/12
= 1/2years
Thus,
SI = P*R*T/100
= 40,000*12*1/100*2
= 2400
Amount = P+SI
= 40,000+2400
=42,400
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