UPDATE:
gem install rmagick solved the problem.
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After upgrading my ubuntu to 12.10 when I run my rails application it gives an error
libMagickCore.so.4: cannot open shared object file: No such file or directory - /home/pramod/.rvm/gems/ruby-1.9.3-p327/gems/rmagick-2.13.2/lib/RMagick2.so
below path exists in my system.
/home/pramod/.rvm/gems/ruby-1.9.3-p327/gems/rmagick-2.13.2/lib/RMagick2.so
I'm new to linux and don't have much idea on how to solve it. Any help is much appreciated.