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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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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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,
[tex]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\\[/tex]
Hence at the time of Maturity he will get Rs. 10,609
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Step-by-step explanation:
refer to the above answer