Question

Ankur deposited 32000 in a bank, where the interest is credited quarterly. If the rate of interest be 5% per annum, what will he receive after 6 months?​

Answer 1

Answer: Rs. 32805

Step-by-step explanation:

Given:

Principal = Rs. 32000

Rate = 5% per annum. On a quarterly basis,  the rate is $\frac{5}{4}$%

Time = 6 months = 2 quarters

Find:

Amount received from the bank after 6 months.

Solution:

This mathematical problem can be solved by using the formula of compound interest, which is,

Amount = P (1 +$\frac{r}{100}$)²

⇒ Rs. 32000( 1 + $\frac{5}{4 * 100}$)²

⇒ Rs. 32000 ×  ($\frac{81}{80}$)²

⇒ Rs, 32000 × $\frac{81}{80}$ ×$\frac{81}{80}$

⇒Rs. 32805

Answer:

Ankur will receive Rs. 32805 after 6 months of depositing in the bank.

Answer 2

Answer:  The amount Ankur receive after 6 months will be  32,805rs

Step-by-step explanation:

Given :

Principle = 32,000

Rate of interest = 5%

Time = 6 months = 6÷ 12 = 1/2 (half year)

Amount = Amount = principle ( 1 +  $r/4 *100)^{4n}$

             = principle (1 + $r/400)^{4n}$

             = 32000 (1 + $r/400)^{4*1/2}$

             = 32000 (1 + $1/80)^{2}$

             = 32000 (81 /$80)^{2}$

             = 32000(6561 / 6400)

             = 32805rs.