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Q.

A sum of Rs. 20,000 is invested at 12% per annum compounded quarterly. Find the amount after 2 years. ( round nearest to thousands)

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a

3000

b

35000

c

2800

d

29000

answer is A.

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Detailed Solution

Interest rate = 12% p.a. compounded quarterly Time period = 2 years Number of quarters = 8 (4 quarters in 1 year)

Amount = P(1 + (r/n))^(nt) = 20000(1 + (0.12/4))^(4*2) = 20000(1 + 0.03)^8 = 20000(1.03)^8 = Rs. 29,137.62

Therefore, the amount after 2 years is Rs. 29,137.62.

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