(C) Under a scheme of investment, rate of interest is 4% and the interest is
compounded three-monthly. What will be the amount if man invests Rs.
20,000 for 1 year under this scheme?
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ɢIVEN
Under a scheme of investment, rate of interest is 4% and the interest is
compounded three-monthly. What will be the amount if man invests Rs.
20,000 for 1 year under this scheme?
ֆolution :
Rate of interest = 4% = 0.04
Starting amount = Rs 2000
n = 3 months
Amount = Starting amount * (1 + Rate of Interest)^n
= 2000 * (1+0.04)^3
= 2249.728
The Amount after 3 months is Rs 2249.728
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