Question

Sonu deposited Rs 10000 in a for 6 months. If the bank pays compound interest at 12% per annum, reckoned quarterly, find the amount to be received by her as maturity. ​

Answer 1

Hello there!

Here is your answer.

Using the method of CI Amount = P[1+R/100]^T

Instead we will use the method = P[1+R/400]^4T

Let us proceed now!

10000[412/400]^½ x 4

10000 x 412/400 x 412/400

1 X 412/4 X 412/4

= 10609 rs.

Amount of Interest on this amount = 10609 - 10000

= 609 rs.

Thank you for letting me answer!