Mr. Vageesh invested money in FD. How much will he get on maturity, if Rs.1500 is invested at 20% per annum compound interest for 6 months, compounded quarterly?
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Answer:
Step-by-step explanation:
Please remember, when we have to calculate C.I. quarterly then we apply following formula if n is the number of years
Amount=P(1+R4100)4n
Principal = Rs.16,000;
Time=9 months = 3 quarters;
Rate = 20%, it will be 20/4 = 5%
So lets solve this question now,
Amount=16000(1+5100)3=18522C.I=18522−16000=2522
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