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Find the amount to which Rs. 6,250 rises when compound interest is earned at 16% p.a. for 9 months compounded quarterly?1. Rs. 7,2802. Rs. 7,030.43. Rs. 7,0004. None of these |
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Answer» Correct Answer - Option 2 : Rs. 7,030.4 Given: Sum of money = Rs. 6,250 Rate of interest = 16% C.I. is compounded quarterly for 9 months. Concept used: Amount = P × (1 + R/400)4T Calculation: ⇒ Rs. 6,250 × (1 + 16/400)(9/12) × 4 ⇒ Rs. 6,250 × (1 + 0.04)3 ⇒ Rs. 6,250 × 1.124864 ⇒ Rs. 7030.4 ∴ The amount rises to Rs. 7,030.4 when compound interest is earned at 16% p.a., compounded quarterly for 9 months |
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