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Rina invested Rs. 15625 in a company at compound interest interest compounded quarterly. She received Rs. 17576 after 9 months from the company. Find the rate of interest per annum
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Step-by-step explanation:
Principal=15625 Rs.
Time=9 months=3 Quarters
Rate of interest=16 %=4% per quarter
Amount=15625×(1+ 4/100)^3
⇒15725× 104/100×104/100 ×104/100
⇒15725×26/25 ×26/25 ×26/25
⇒17567Rs.
C.I.=17567−15625=1951Rs.
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Answer:
Given details are,
Principal (p) = Rs 15625
Rate (r) = 16% per annum = 16/4 = 4% (quarterly) Time (t) = 9 months = 9/12 ×4 = 3quarters of a year
By using the formula,
A = P (1 + R/100) n = 15625 (1 + 4/100)3 = 15625 (104/100)3 = Rs 17576
∴ CI = Rs 17576 – 15625 = Rs 1951
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