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Calculate interest compounded monthly, when principal is Rs.1,00,000, rate of interest is 12% per annum and time period is 3 months |
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Answer» Step-by-step EXPLANATION: Compounded MONTHLY , interest rate =12/12 = 1% A = P(1+i)^N =1,00,000(1.01)³ =1,03,030.10 Interest = A-P = 3,030.10 |
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