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 t

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.​

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Amara 3 weeks 2021-09-06T04:44:37+00:00 1 Answer 0 views 0

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    2021-09-06T04:45:51+00:00

    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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