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Rekha deposited Rs.16000 in a foreign bank which pays interest at the rate of $20 %$ per annum compounded quarterly, find the interest received by Rekha after one year.

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Rs. 3448.1

Rs. 8148.1

Rs. 5448.1

Rs. 6158.1

answer is A.

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Detailed Solution

Given,

Principal, P = Rs 16000 Rate, R = 20 ​ ​ % ​ ​ p .a compounded quarterly Time, T = 1 year

We know that 1 year = 4 quarterly years.
The formula to calculate the amount is given by,

A = P 1 + R 100 n ...... (1)

Substitute the given value in equation (1) and solve for amount A,

A = P 1 + R 100 n ⇒ A = 16000 1 + 20 4 × 100 4 ⇒ A = 160004204003 ⇒ A = Rs 19448.1

Compound interest,

⇒ C . I . = R s .19448 − R s .16000 ⇒ C . I . = Rs 3448.1

Therefore, interest received by Rekha after one year is Rs. 3448.1.
Hence, the correct option is 1.

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