Question

Rohit deposited Rs 10000 in a bank for six months. If the bank pays compound interest at 12% per annum reckoned quarterly, find the amount to be received by him on maturity.​

Answer 1

Answer:

Hence at the time of Maturity he will get Rs. 10,609

Step-by-step explanation:

Given That,

Principle (P) = Rs. 10000

Time (t) = 6 months = 1/2 year

Rate of interest (R) = 12%

Number of times compounded per annum (n) = 4

Since, we know that,

$A=P(1+\frac{R/n}{100})^{(nt)}\\\\Putting\:the\:value\:of\:P=10000;\:R=12;\:n=4;\:t=\frac{1}{2},\:we\:get,\\\\A=10000(1+\frac{12/4}{100})^{(4*\frac{1}{2})}\\\\=>A=10000(1+\frac{3}{100})^{2}\\\\=>A=10000(\frac{100+3}{100})^{2}\\\\=>A=10000*\frac{103}{100}*\frac{103}{100}\\\\=>A=103*103\\\\=>A=10609$

Hence at the time of Maturity he will get Rs. 10,609

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Answer 2

Step-by-step explanation:

refer to the above answer