Question

Naresh deposited in a bank rupees 7500 for 6 months at the rate of 8% per annum interest compounded quarterly find the amount he received after after 6 month​

Answer 1

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Answer 2

Answer:

The Amount received by Naresh after 6 months is 7803 ( which has principal 7500 + interest 303)

Step-by-step explanation:

Amount = Principal + Interest

Formula for Compound Interest calculated quarterly ,

Amount = P(1+(R/4)/100)^4n ; Where P denoted the Principal; R denotes the rate of Interest and n denotes the time period.

Given :

• Principal (P) = Rs 7500
• Rate of interest (R) = 8% per annum
• Time period (n) = 6 months.

Note that since the interest is compounded quarterly the time period should be converted in to quarters.

Therefore,  n = 2/4 ( The 12 months of the year is converted in to 4 quarters with 3 months each. Since it is given that the time period of investment is 6 months, it contains 2 quarters).

Substituting the value of P, R, N in the formula we get,

Amount = 7500(1+(8/4)/100)^4(2/4)

Amount = 7500(1+2/100)^2

Amount = 7500(102/100)^2

Amount = 7500(51/50)^2

Amount = 7500((51/50)*(51/50))

Amount = 3(51*51)

Amount = 3(2601)

Amount = 7803