Ramesh deposited 7500 in a bank which pays him 12% interest per annum compounded quarterly. What is the amount which he receives after 9 months?
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Answer:
Principal = Rupee 7500
Rate of Interest = 12%
Time = 9months = 9/12 Years
Simple Interest = P x R x T
= 7500 x 12 x 9/100x12
= 75 x 9
= Rupee 675
Amount = Principal + Simple Interest
= Rupee 7500 + Rupee 675
= Rupee 8175
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