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At what rate per annum will Rs. 32000 yield a compound interest of Rs. 5044 in 9 months interest being compounded quarterly?
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Explanation:
Principal = Rs. 32000
CI = Rs. 5044
Amount =(32000+5044) = Rs. 37044
Time = 9 month, Let Rate = R %
Interest is being compounded quarterly
Time=9×4\12=3
Rate % = 4 R %
According to the question,
Required Rate %=1\20×100=5
New Rate %=4R %=4×5=20