Rekha deposited Rs. 16000 in a foreign bank which pays interest at the rate of 20% per annum compounded wuarterly, find the interest received by Rekha after one year
Given,
Principal = Rs. 16000
Rate = 20% per annum = 
Time = 1 year = 4 quarters
Hence,
Compound interest = 
= 
So,
Interest received by Rekha after one year = Rs.3448.10
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