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Question
Find the compound interest on Rs 64000 for 1 year at the rate of 10% per annum compounded quarterly.
Solution
To calculate the interest compounded quarterly, we have:
\[A = P \left( 1 + \frac{R}{400} \right)^{4n} \]
\[ = 64, 000 \left( 1 + \frac{10}{400} \right)^{4 \times 1} \]
\[ = 64, 000 \left( 1 . 025 \right)^4 \]
= 70, 644 . 03
Thus, the required amount is Rs 70, 644 . 03.
Now,
CI = A - P
= Rs 70, 644 . 025 - Rs 64, 000
= Rs 6, 644 . 03
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