The compound interest on 40000 at 6/ annum for 6 months compounded quarterly is
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33
it is given that principle amount, P 40000 Rs, rate of interest, r = 6% per annum and time, n = 6 months.
we have to find the compound interest.
a/c to question,
compound interest is quarterly so time = 6/3 = 2 quarters
rate of interest, r = 6% per annum = 6/4 = 1.5 per quarter.
using formula, A = P(1 + r/100)ⁿ
= 40000(1 + 1.5/100)²
= 40000(1 + 0.015)²
= 40000(1.015)²
= 40000 × 1.030225
= 41209 Rs.
now compound interest = A - P
= 41209 - 40000 = 1209 Rs
therefore compound interest is 1209 Rs.
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