A man deposits 50,000 rupees in a financial company, which gives 9% interest compounded every three months. How much would he get back after one year?

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Solution

Amount deposited by the man, P = Rs.50000

Rate of interest, R = 9%

Time, T = 1 year

Simple interest is given by the formula

The interest is compounded quarterly

∴ Interest for the first quarter = Rs

= Rs.1125

Principal for the second quarter = Rs.50000 + Rs.1125

= Rs.51125

Interest for the second quarter = Rs

= Rs.1150.31

Principal for the third quarter = Rs.51125 + Rs.1150.31

= Rs.52275.31

Interest for the third quarter = Rs

= Rs.1176.19

Principal for the fourth quarter = Rs.52275.31 + Rs.1176.19

= Rs.53451.50

Interest for the fourth quarter = Rs

= Rs.1202.66

∴Amount received by the man after one year = Rs.53451.50 + Rs.1202.66

= Rs.54654.16

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