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Question

Find the compound interest Tanuj got from a company on his fixed deposit of Rs. 8000 after 9 months at 20% per annum if the interest is payable quarterly.

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Solution

Given principal, P=8000
RateR=20%=204=5%

Time =9 months =3 quarters

So, Amount
=P⎜ ⎜ ⎜1+R4100⎟ ⎟ ⎟4n=8000⎜ ⎜ ⎜204100⎟ ⎟ ⎟4n=800(1+20400)3=8000(1+120)3=8000×2120×2120×2120=9261

Compound Interest=AP=(92618000)=Rs1261

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