Question

Shayam deposited a sum of money in a bank for six months at the rate of 8% interest compounded quarterly. He receives 303 as compound interest after six months. What amounts did he deposit in the bank?

Answer 1

CI=p {(1+r/100)^n-1}

303=p {(1+8/100)^6/3-1}

303=p {(1.08)^2-1}

303 =p (0.1664)

p=303/(0.1664)
=1821 (approx)

Answer 2

C.I.=P[(1+r/100)^n-1]
=> 303= p[(27/25)^2-1]
=>303= p(0.1664)
=>p= 303/0.1664
=>p= 1820.91