2.Aditya deposited Rs. 7500 in bank, which pays him 12% interest per annum compounded quarterly. What is the amount, which he receives after 9 months?
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Answer:
8,195.4525
Step-by-step explanation:
A = P ( 1 + r/n ) ^ tn
where P = principle = 7500
r = rate of interest = 12% = 12/100 = 0.12
t = years = 9/12 year = 0.75
n = no. of times componded in a year = 4
A = amount = ?
A = P ( 1 + r/n ) ^ tn
=> A = 7500 [ 1 + ( 0.12/4 ) ] ^ 4*0.75
=> A = 7500 ( 1 + 0.03 ) ^ 3
=> A = 7500 ( 1.03 ) ^3
=> A = 7500 ( 1.092727 )
=> A = 8,195.4525
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