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Ramnath deposited Rs 30,000 in a financial institution where compound interest is computed in every four months. The annual interest rate in 9%. How much amount Ramnath gets after 1 year? |
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Answer» Amount deposited = Rs 30,000 Rate of interest = 9 % Amount gets after 1 year = 30000 (1 × \(\frac{3}{100}\))3 = 30000 × \(\frac{103}{100}\) × \(\frac{103}{100}\) × \(\frac{103}{100}\) = Rs. 32781.81 |
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