Question

If ₹ 16,000 is invested for $\frac{3}{4}$ year at 16% per annum, find the amount received after $\frac{3}{4}$ year.

• A. Rs 17,897.82
• B. Rs 17,997.82
• C. Rs 17,898.82
• D. Rs 17,992.82

Answer 1

The correct option is B Rs 17,997.82

Here, Principal (P) = ₹ 16000

Rate of interest (R) = 16% per annum
Rate of interest (R) = 4% quarterly

Time (n) = $\frac{3}{4}$ years
Time (n) = 3 quarter years
Amount (A) $=P{(1+\frac{R}{100})}^n=16000{(1+\frac{4}{100})}^3$
$=16000(\frac{104}{100}{)}^3$

$=16000{\left(\frac{26}{25}\right)}^3=16000\times \frac{26}{25}\times \frac{26}{25}\times \frac{26}{25}$

= ₹ 17,997.82