Sonu deposited Rs 10000 in a for 6 months. If the bank pays compound interest at 12% per annum, reckoned quarterly, find the amount to be received by her as maturity.
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Hello there!
Here is your answer.
Using the method of CI Amount = P[1+R/100]^T
Instead we will use the method = P[1+R/400]^4T
Let us proceed now!
10000[412/400]^½ x 4
10000 x 412/400 x 412/400
1 X 412/4 X 412/4
= 10609 rs.
Amount of Interest on this amount = 10609 - 10000
= 609 rs.
Thank you for letting me answer!
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