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### Question

What is the amount receivable on Rs. 3000000 after 9 months, invested at a rate of 24% compounded quarterly?

**A**

Rs. 3573048.

**B**

Rs. 3573148.

**C**

Rs. 3572948.

**D**

Rs. 3573248.

**Soln.**

**Ans: a**

In this case r = $24/4$% and n = 3 because compounding is quarterly, and in 9 months there are three quarters. So A = 3000000 × $(1 + 6/100)^3$, which equals 3 × 106 × 106 × 106, i.e., Rs. 3573048.