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Question

# If Mohan invested ₹ 18000 in a bank for 12 year which give compound interest at a rate of 3% quarterly, what is the amount that Mohan will receive after 12 year ?

A
Rs 19096.2
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B
Rs 21,096.2
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C
Rs 19,196.2
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D
Rs 19,396.3
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Solution

## The correct option is A Rs 19096.2 Here, Principal (P) = ₹ 18000 Rate of interest (R) = 3% Time (n) = 12 years Time (n) = 2 quarter years A = P(1+r100)n =18,000(1+3100)2 =18,000(103100)2 =18,000×103100×103100 = 19,096.20 The amount Mohan will receive after two years is ₹19,096.20

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