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Question

Find the compound interest on Rs.20000 at 4% per annum for two years compounded quarterly.


  1. Rs.6356

  2. Rs.1509

  3. Rs.1657

  4. Rs.2000

  5. Rs.1500


Solution

The correct option is C

Rs.1657


Compound interest = 20000 × (1 + 1100)820000

                                     = Rs. 1657

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