Question
At what time will ₹3,200 invested at 10% per annum
compounded quarterly become ₹3,362?Solution
P= 3200, A =3362, r= 10% yearly =10/4 Quarterly. A =P (1+r/100) t 3362 =3200(1+10/4×100) t 3362/3200 = (1+1/40) t 1681/1600 = (41/40) t (41/40)2 = (41/40) t Compare both sides – t =2 Quarter =1/2 year.
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