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Question
Find the compound interest on Rs 160000 for one year at the rate of 20% per annum, if the interest is compounded quarterly.
Solution
Given details are,
Principal (p) = Rs = 160000
Rate(r) = 20% = 20/4 = 5% (for quarter year)
Time = 1 year = 1 x 4 = 4 quarters
By using the formula,
A = P (1 + R/100)n
= 160000 (1 + 5/100)4
= 160000 (105/100)4
= Rs 194481
∴ Compound Interest = A − P = Rs 194481 − Rs 160000 = Rs 34481
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