Find the compound interest on Rs. 40000 for 1 year at 16% per annum, compounded quarterly.

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Quarterly rate = 16 / 4 = 4%. Time = 4 quarters. Amount = 40000 * (1 + 4/100)^4 = 40000 * (1.04)^4 = 40000 * 1.16985856 = Rs. 46794.34. Compound Interest = 46794.34 - 40000 = Rs. 6794.34.

Find the compound interest on Rs. 40000 for 1 year at 16% per annum, compounded quarterly. MCQ with Answer and Explanation

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