4) Ramlath deposited 30000 rupees in a financial establishment which pays interest at 9% annual rate,
compounded every four months. How much would she get back after one year..?
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Given :
- Ramlath deposited 30000 rupees in a financial establishment which pays interest at 9% annual rate, compounded every four months.
To find :
- How much would she get back after one year.
Solution :
✰ Principal = 30000
✰ Rate = 9%
✰ Number of times = 12/4 = 3,
✰ Time = 3
Amount = P ( 1 + R/100)ⁿ
➤ 30000 (1 + 9/100)³
➤ 30000 × (103/100)³
➤ 30000 × 103/100 × 103/100 × 103/100
➤ 3 × 103 × 103 × 103/100
➤ 32,781.8
∴Ramlath will get back Rs.32,781.8 in 1 year.
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