What will be the compound interest on a sum of Rs. 50,000 after 6 months at the rate of 12% compounded quarterly?a)Rs. 3145b)Rs. 3245c)Rs. 3305d)Rs. 3045Correct answer is option 'D'. Can you explain this answer?

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What will be the compound interest on a sum of Rs. 50,000 after 6 months at the rate of 12% compounded quarterly?

a)
Rs. 3145
b)
Rs. 3245
c)
Rs. 3305
d)
Rs. 3045

Correct answer is option 'D'. Can you explain this answer?

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What will be the compound interest on a sum of Rs. 50,000 after 6 mont...

GIVEN:

Principal = Rs. 50000
Time = 6 months
Rate = 12% compounded quarterly

FORMULA USED:

CI = P(1 + r/100)ⁿ– P

CALCULATION:

Compounded quarterly,
C.I = P[(1 + (r/4)/100)^{n × 4} - 1]
⇒ C.I = 50000 × [(1 + {(12/4)/100})^{(1/2 × 4)} – 1]
⇒ C.I = 50000 × [(1 + {3/100})² – 1]
⇒ C.I = 50000 × 0.0609
∴ C.I = Rs. 3045

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What will be the compound interest on a sum of Rs. 50,000 after 6 months at the rate of 12% compounded quarterly?a)Rs. 3145b)Rs. 3245c)Rs. 3305d)Rs. 3045Correct answer is option 'D'. Can you explain this answer?

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