Question

Solve it -: Meera lent out 20,000 ruppes for nine months at 20% per annum compounded quarterly to Mrs Sharma. What amount will she get after the expiry of the period?

Answer 1

lets see 34
the answer is 23152.5 rupees

Answer 2

Answer:

The required amount is Rs.23152.5.        

Step-by-step explanation:

Given : Meera lent out 20,000 ruppes for nine months at 20% per annum compounded quarterly to Mrs Sharma.

To find : What amount will she get after the expiry of the period?

Solution :

Using compound interest formula,

$A=P(1+\frac{r}{100})^t$

Where, A is the amount

P is the principal P=Rs.20,000

r is the rate of interest =20%

Per quarterly $r=\frac{20}{4}=5\%$

t is the time 9 months

Per quarterly year $t=\frac{9}{12}\times 4=3$ years.

Substitute all values in the formula,

$A=20000(1+\frac{5}{100})^3$

$A=20000(1+0.05)^3$

$A=20000(1.05)^3$

$A=20000(1.157625)$

$A=23152.5$

Therefore, The required amount is Rs.23152.5.