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in Compound Interest by (30.2k points)
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Find the compound interest on Rs. 64000 for 1 year at the rate of 10% per annum compounded quarterly.

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Best answer

Given,
Principal = Rs.64000
Time = 1 year = 1×4 = 4 quarters

Rate \(={10\text%}\)

\(=\frac{10}{4}=\frac{5}{2}\text%\)quarterly

Hence,
Compound interest

\(={P}[({1}+\frac{R}{100})^T-{1}]\)

\(={64000}[({1}+\frac{5}{200})^4-{1}]\)

\(={64000}[(\frac{41}{40})^4-{1}]\)

\(={64000}\times\frac{265761}{2560000}\) =Rs. 6644.03

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