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Question

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?


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 =PRT100
=Rs.7500×3×1100=Rs.225
Amount after one quarter
= Rs. 7500 + Rs. 225 = Rs. 7725
Or principal for the second quarter = Rs. 7725
Interest for the second quarter
=Rs.7725×3×1100=Rs.231.75
Amount after second quarter
= Rs. 7725 + Rs. 231.75 = Rs. 7956.75
Or principal for the third quarter
=Rs.7956.75×3×1100=Rs.238.70
Total amount he received after 9 months = Rs. 7956.75 + Rs. 238.70 = Rs. 8195.45

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