Rohit deposited 10,000 in a bank for six months. If the bank pays compoul
interest at 12% per annum reckoned quarterly, find the amount to be received
him on maturity.
interest at 12% per annum reckoned quarterly, find the amount to be received
him on maturity.
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Answer:
1 year=12%
1 quarter=12÷3=4
Intrest=3%×10000
Intrest=0.03×10000=ts 300
Amount=principal+intrest
Amount=10000+300=10300
Intrest=3%of rs10300
Intrest=0.03×10300=rs309
Amount=principal+intrest
Amount=10300+rs309=10609
Answer:
P (Principle) = ₹10,000
T(Time)= 6 months
(6/12*4) = 2 quarter months
R (Rate) = 12% = (12/4) = 3 percent
A(Amount) = P(1+R/100)^T
=₹10,000 (1+R/100)^2
=₹10,000 (103/100)^2
= ₹10,000*(103/100)*(103/100)
=₹10,609
Hope it helps