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Find the amount and the compound interest on 24,000 for six months if the interest is payable quarterly at the rate of 20 paise a rupee per annum, |
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Answer» P = Rs. 24000Time or n= 6 months = 2 periods of 3 months each or n= 2.Rate = 20 paisa per onerupee per annum= 20 paisa per 100 paisaR = 20 % per annumThere are 4 quarters in a year so, R = 20/4 = 5 % for 3 monthsA = P(1 + R/100)ⁿA = 24000(1 + 5/100)²A = 24000× 105/100× 105/100A = 12× 105× 21A = 26460 Rs.Compound Interest = A - PCompound Interest = 26460 - 24000Compound Interest = 2460 Rs. |
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