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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
Given:
P = Rs 7, 500
R = 12 % p . a . = 3 % quarterly
T = 9 months = 3 quarters
We know that:
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[A = 7, 500 \left( 1 + \frac{3}{100} \right)^3 \]
\[ = 7, 500 \left( 1 . 03 \right)^3 \]
= 8, 195 . 45
Thus, the required amount is Rs 8, 195 . 45.
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