Maths · Arithmetic and Geometric progressions
Find the amount on a deposit of Rs. earning interest compounded quarterly for 2
Find the amount on a deposit of Rs. \( 2100, \) earning \( 4 \% \) interest compounded quarterly for 2 years(approx.).
- A. 2272
- B. 2372
- C. 2472
- D. 2572
Step-by-step solution
Using the compound interest formula A = P(1 + r/n)^(nt) with P = 2100, r = 0.04, n = 4, t = 2, we get A = 2100(1.01)^8 ≈ 2274. This is approximately 2272, which matches option A.
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