Sudershan deposited Rs 32000 in a bank, where the interest is credited quarterly. If the rate of interest be 5% per annum, what amount will he receive after 6 months?

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Solution

$Let the principal amount be P = Rs 32000 . Annual rate of interest, R = 5 % Rate of interest for a quarter year = \frac{5}{4} % Time, n = 6 months = 2 quarter years Then the amount with the compound interest is given by A = Rs . P \times {(1 + \frac{R}{100})}^{n} = Rs . 32000 \times {(1 + \frac{5}{100 \times 4})}^{2} = Rs . 32000 \times {(\frac{400 + 5}{400})}^{2} = Rs . 32000 \times {(\frac{405}{400})}^{2} = Rs . 32000 \times {(\frac{81}{80})}^{2} = Rs . 32000 \times (\frac{81}{80}) \times (\frac{81}{80}) = Rs . (5 \times 81 \times 81) = Rs . 32805 Therefore, Sudershan will receive an amount of Rs . 32805 after 6 months .$

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