Ritesh invested 40,000 for 9 month at the rate of 12% p.a. compounded quarterly. find the compound interest
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3600 is the compound interest
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Step-by-step explanation:
A= P ( 1+ r)^n
A= 40000 ( 1.12/ 4)^9/12/4
A=40000 (0.28)^0.1875
A= 40000 (0.7876...)
A = $31506.64
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