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Mr. Murthy invested Rs.16,000 in a scheme. How much will he get on maturity. If he invested it at 20% per annum compound interest for 9 months, compounded quarterly?

Mr. Murthy invested Rs.16,000 in a scheme. How much will he get on maturity. If he invested it at 20% per annum compound interest for 9 months, compounded quarterly? Correct Answer Rs. 18,522

9 months = 3 quarters

Rate = 20% p.a. = 20/4 = 5% per quarter

Amount = Principal(1 + Rate%)Time

= Rs. 16000(1 + 0.05)3

= Rs. 18522

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