Find of C.I.on rs.160000 for 1 year at the rate of 20%per annum if the intrest is compounded quaterly?
To calculate compound interest when the interest is compounded more than once a year, you can use the formula A = P (1 + r/n)^nt. For your problem, this becomes A = 1000 (1 + .08/2)^2* 0.5. This becomes 1000 (1 + .04)^1) or $1040. ChaCha again soon!
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