a certain sum amount to ₹24080 in 9 months at 6 percent interest compounded quarterly . determine the sum
the answer is ₹2371.66
how??solve the equation for me plsss!!
Answers
Answer:
Rs.24013.003
Step-by-step explanation:
Answer:
The sum invested is Rs.24013.003.
Step-by-step explanation:
Given : A certain sum amount to Rs.24080 in 9 month at 6% interest compounded quarterly.
To find : Determine the sum ?
Solution :
Applying compound interest formula,
A=P(1+r)^tA=P(1+r)
t
Where, A is the amount A=Rs.24080
r is the rate of interest r=6%
Compounded quarterly, r=\frac{6}{4\times 100}=0.015r=
4×100
6
=0.015
t is the time taken t= 9 months
Compounded quarterly in year, t=\frac{9}{12\times 4}=0.1875t=
12×4
9
=0.1875
P be the sum invested
Substitute all the values in the formula,
24080=P(1+0.015)^{0.1875}24080=P(1+0.015)
0.1875
24080=P(1.015)^{0.1875}24080=P(1.015)
0.1875
24080=P\times 1.0027924080=P×1.00279
P=\frac{24080}{1.00279}P=
1.00279
24080
P=24013.003P=24013.003
Therefore, The sum invested is Rs.24013.003.