How much will ₹10,000 amount to in one year's time at 4% rate of interest per annum if the interest is compounded once in every three months? (take approximate value)

Question

Accepted Answer

₹10,406. Compounded quarterly, rate per quarter = 1%, periods = 4. Amount = 10000 × (1.01)⁴ = 10000 × 1.04060401 ≈ ₹10,406.

How much will ₹10,000 amount to in one year's time at 4% rate of interest per annum if the interest is compounded once in every three months? (take approximate value)

Explanation

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