Question

What sum of money will accumulate rs. 5300 at 8% interest in 9 months?

Answer 1

Answer:

When the principal amount is Rs 5300 and the rate of interest is 8% P.A, and if the interest is compounded on a quarterly basis, then the calculation is done in the following manner.

Explanation:

C.I = ( 5300 * 9 * (1 / 4 ) ) / 100

i.e, 119.25

Principal for next year becomes (5300 + 119.25) = 5419.25

C.I = ( 5419.25 * 9 * (1 / 4 ) ) / 100

i.e, 121.93

Principal for next year becomes (5419.25 + 121.93) = 5541.18

C.I = ( 5541.18 * 9 * (1 / 4 ) ) / 100

i.e, 124.67

Therefore the sum accumulated is 5541.18+124.67=5665.85

Answer 2

Explanation:

Let the principle be y

then :

y+[y×r×t}÷{4×100}=5300

y₊{yˣ8ˣ9}/{100×4}=5300

50y+3y=5300×50

53Y=26500

Y=5000

Therefore,the total amount will be rs5000