Question

Find the sum that will amount to ₹1323 in six months at 20% when interest is compounded quarterly.

Answer 1

i think the answer is 1479.6

Answer 2

Given Amount (A)= 1323

Time (n) = 6 months = 2 quarters.

Rate (r) = 20% = 20/4 = 5%.

Now,

We know that A = P(1 + r/100)^n

= > 1323 = P(1 + 5/100)^2

= > 1323 = P(1 + 1/20)^2

= > 1323 = P(21/20)^2

= > 1323 = P(441/400)

= > 1323 * 400 = 441P

= > 529200 = 441P

= > P = 529200/441

= > P = 1200.

Therefore, the sum  = 1200/-

Hope it helps!