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Question
If the compound interest is calculated quarterly, the amount is found using the formula __________
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Solution
A = `"P"(1 + "r"/400)^(4"n")`
Explanation;
Hint:
Quarterly means 4 times in a year.
∴ The formula for compound interest is
A = `"P"(1 + "r"/400)^(4"n")`
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