1.

7. Find the compound interest on32.000 for9 monthsat 10% pa. if the interest is being compounded quarterly

Answer»

Time = 9 months = 3 quarters

Rate = 10% per annum = 10/4% per quarter

Amount = 32000(1+10/400)^3

= 32000*410*410*410/400*400*400

= 34460.5

CI = 34460.5-32000

= 2460.5

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