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To calculate the compound interest on 15,000 at 20% per annum for 9 months, compounded quarterly N= , R= |
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Answer» 3 years and 5 %Step-by-step explanation:PRINCIPAL , P = 15,000 Rate , R = 20 %Number of years, N = 9 months = 9/12 years = 3/4 yearsWhen interest is compunded quarterly rate is DIVIDED by 4 and TIME is MULTIPLIED by 4 ( quarter means 1/4 )So rate, R = 20%/ 4 = 5%Number of years, N = 3/4 X 4 years = 3 years |
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