Ramesh deposited Rs. 7500 in a bank which pays him $12 %$ interest per annum compounded quarterly. What is the amount which he receives after 9 months?

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Solution

Principal (P) = Rs. 7500
Rate (R) $= 12 %$ p.a or $3 %$ quarterly
Period (T) = 9 months or 3 quarters
Interest for the first quarter $= \frac{P R T}{100}$
$= R s . \frac{7500 \times 3 \times 1}{100} = R s . 225$
$∴$ Amount after one quarter
= Rs. 7500 + Rs. 225 = Rs. 7725
Or principal for the second quarter = Rs. 7725
Interest for the second quarter
$= R s . \frac{7725 \times 3 \times 1}{100} = R s . 231.75$
Amount after second quarter
= Rs. 7725 + Rs. 231.75 = Rs. 7956.75
Or principal for the third quarter
$= R s . \frac{7956.75 \times 3 \times 1}{100} = R s . 238.70$
$∴$ Total amount he received after 9 months = Rs. 7956.75 + Rs. 238.70 = Rs. 8195.45

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Ramesh deposited Rs. 7500 in a bank which pays him 12% interest per annum compounded quarterly. What is the amount which he receives after 9 months?

Ramesh deposited Rs. 7500 in a bank which pays him $12 %$ interest per annum compounded quarterly. What is the amount which he receives after 9 months?