Ravi deposited 50,000 rupees in a bank, which gives 6% interest, compounded quarterly. How much would he get back after 9 months?

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Solution

Amount deposited by Ravi, P = Rs.50000

Rate of interest, R = 6% compounded quarterly

Time, T = 9 months = 3 quarters

Simple interest is given by the formula

Interest for the first quarter = Rs

= Rs.750

Principal for the second quarter = Rs.50000 + Rs.750

= Rs.50750

Interest for the second quarter = Rs

= Rs.761.25

Principal for the third quarter = Rs.50750 + Rs.761.25

= Rs.51511.25

Interest for the third quarter = Rs

= Rs.772.67

∴ Amount received by Ravi after nine months = Rs.51511.25 + Rs.772.67

= Rs.52283.92

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