What will be the amount of the sum Rs 1200 for 112 a year at 40% interest compounded quarterly?Rs 2062Rs 2126Rs2186Rs 2278
Question
What will be the amount of the sum Rs 1200 for 112 a year at 40% interest compounded quarterly?Rs 2062Rs 2126Rs2186Rs 2278
Solution
The formula for compound interest is A = P(1 + r/n)^(nt), where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.
Given in the problem:
- P = Rs 1200
- r = 40% = 0.40
- n = 4 (since interest is compounded quarterly)
- t = 112 years
Substituting these values into the formula:
A = 1200(1 + 0.40/4)^(4*112)
Calculating the above expression will give you the amount of the sum after 112 years.
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