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CUET · MATHS · PYQ PAPER 2023

A sum of ₹ 60,000 invested at \(r \%\) compounded quarterly will provide payments at ₹ 600 each at the end of every three months. Then the value of \(r\) is :

  1. A 0.08
  2. B 0.04
  3. C 0.02
  4. D 0.05
Verified Solution

Answer & Solution

Correct Answer

(B) 0.04

Step-by-step Solution

Detailed explanation

\(i = \frac{PMT}{PV}\) \(i = \frac{600}{60000}\) \(i = 0.01\) \(r = 4i\) \(r = 4 \times 0.01\) \(r = 0.04\)
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