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Question

Find the amount to be paid for a sum of ₹ 10,000 for a period 1 and a half years at 8% per annum, compounded quarterly.


A

₹ 10,212 (approx.)

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B

₹ 10,412 (approx.)

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C

₹ 10,612 (approx.)

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D

₹ 10,812 (approx.)

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Solution

The correct option is C

₹ 10,612 (approx.)


Here, Principal (P) = ₹ 10,000

Rate of interest (R) = 2% (rate of interest of 8% per annum is equivalent to a rate of interest of 2% per 3 months, as interest is compounded quarterly)
Time (n) = 6, as one and a half years has six 3 months in it.
Amount(A)=P(1+R100)n

=10000(1+2100)6

=10000(1+150)6
=10000(5150)6

=10000×5150×5150×5150
= ₹ 10,612.08

= ₹ 10,612 (approx.)


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