rohit deposited ₹10, 000 in a bank for six months. if the bank pays compound interest at 12% per annum reckoned quarterly, find the Amount to be received by him on maturity.
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p(principal)= ₹10,000
T (time =6 months= 6/12*4) =2quater
months
R (rate) =12% =(12/4) =3%
A (amount)=p (1+R/100)^T
=₹ 10,000 (1+3/100^2)
=₹10,000 (103/100)^2
=10,000 * 103/100 * 103/100
=₹10,609
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