Question

a certain sum amounts to ₹24080 in 9 months at 6% interest, compounded quarterly. determine the sum.
​

Answer 1

Step-by-step explanation:

Solution

verified

Verified by Toppr

Correct option is

B

1,261

We know formula for compound interest compounded quarterly

Amount=P(1+

n

r

)

nt

CompoundInterest=Amount−Principal

Given,

principal=Rs8000

Time=9months=9/12months

Rate=20%

=8000(1+

4

.2

)

12

9

×4

=8000(1+0.05)

3

=8000(1.05)

3

=8000×1.15762=9261

Amount is Rs9261

Compound interest will be=(9261-8000)=Rs1261

Answer 2

Answer:

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.