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A man invests Ksh.24, 000 in an account which pays 16% interest p.a. the interest is compounded quarterly. Find the amount in the account after 1½ years.

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A = P(1 + R/100)n
   =24000(1 + 16/100 × ¼)6
   =24000(1+0.04)6
   =Ksh. 30367.70

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