Question

A certain sum amount to Rs 24080 in 9 month at 6% interest compounded quarterly determine the sum

Answer 1

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,

$A=P(1+r)^t$

Where, A is the amount A=Rs.24080

r is the rate of interest r=6%

Compounded quarterly, $r=\frac{6}{4\times 100}=0.015$

t is the time taken t= 9 months

Compounded quarterly in year, $t=\frac{9}{12\times 4}=0.1875$

P be the sum invested

Substitute all the values in the formula,

$24080=P(1+0.015)^{0.1875}$

$24080=P(1.015)^{0.1875}$

$24080=P\times 1.00279$

$P=\frac{24080}{1.00279}$

$P=24013.003$

Therefore, The sum invested is Rs.24013.003.