Question

Rohit deposited 10,000 in a bank for
six months. If the bank pays compound
interest at 12% per annum to reckoned
quately find the amount to be recieved
hy him on maturity.
OSAS​

Answer 1

✦ Question ✦

Rohit deposited 10,000 in a bank for six months. If the bank pays compound interest at 12% per annum to reckoned quately find the amount to be recieved

hy him on maturity.

Answer :-

Rohit will have Rs 10,609 on maturity.

Method 1 :-

$\Large{\underline{\underline{\bf{GiVen:-}}}}$

Principal = 10000 rupees

Compound interest per annum = 12%

Time =6 months =0.5 year.

Using formula

$\sf\underline{\purple{\:\:\: \: \: Amount :- \:\:\:}}$P( 1+R/100)^t

Substituting the values in the above formula, we get :-

= ₹ 10,000 (1+3/100)^2

= ₹10,000 (103/100)^2

= ₹ 10,000 × 103/100 × 103/100

= ₹10,609

Method 2 :-

Principal Amount = Rs 10,000

Let's find out interest rate first :-

1 year = 12%

1 quarter = 12 ÷ 4 = 3%

Now, Interest for the first quarter: -

$\Large{\underline{\underline{\bf{SoLuTion:-}}}}$

Interest = 3% x Rs 10,000

Interest = 0.03 x 10000 = Rs 300

Finding the amount now ,

Interest = 3% x Rs 10,000

Interest = 0.03 x 10000 = Rs 300

$\large{\boxed{\bold{Amount\:=\:principal \:+\: Interest}}}$

= 10,000 + 300

= Rs 10,300

Now ,for the Quarter 2 .

Interest = 3% of Rs 10,300

= 0.03 x 10,300

= Rs 309

Finding the amount again :-

$\large{\boxed{\bold{Amount\:=\:principal \:+\: Interest}}}$

Substituting the values again :-

= 10,300 + 309

= Rs 10,609