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in Compound Interest by (49.2k points)
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The compound interest on Rs 16000 for 9 months at 20% p.a. compounded quarterly is 

(a) Rs 2518 

(b) Rs 2520 

(c) Rs 2522 

(d) Rs 2524

1 Answer

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Best answer

(c) Rs 2522

P = Rs 16000, r = 20% p.a. = 5% per quarter, 

Time = 9 months = 3 quarters

\(\therefore\) A = 16000\(\big(1+\frac{5}{100}\big)^3\)

= 16000 x \(\big(\frac{21}{20}\big)^3\) = 16000 x \(\frac{21\times21\times21}{8000}\)

= Rs 18522

\(\therefore\) C.I.= Rs 18522 – Rs 16000 = Rs 2522.

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