To calculate the compound interest on 15,000 at 20% per annum for 9 months, compounded quarterly
N= , R=
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Answer:
3 years and 5 %
Step-by-step explanation:
Principal , P = 15,000
Rate , R = 20 %
Number of years, N = 9 months = 9/12 years = 3/4 years
When interest is compunded quarterly rate is divided by 4 and time is multiplied by 4
( quarter means 1/4 )
So rate, R = 20%/ 4 = 5%
Number of years, N = 3/4 x 4 years = 3 years
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