Saved Bookmarks
| 1. |
how much interest will be received by jayesh depositing 75000 rupees in the bank and the rate of 9% for 4 year |
| Answer» AMOUNT RECEIVED by Naresh after 6 months is 7803 ( which has principal 7500 + interest 303)Step-by-step explanation:Amount = Principal + InterestFormula for Compound Interest calculated quarterly ,Amount = P(1+(R/4)/100)^4N ; Where P denoted the Principal; R denotes the rate of Interest and n denotes the time period.Given :Principal (P) = Rs 7500Rate of interest (R) = 8% per annumTime period (n) = 6 months.Note that since the interest is compounded quarterly the time period should be converted in to quarters.Therefore, n = 2/4 ( The 12 months of the year is converted in to 4 quarters with 3 months each. Since it is given that the time period of investment is 6 months, it contains 2 quarters).SUBSTITUTING the value of P, R, N in the formula we get,Amount = 7500(1+(8/4)/100)^4(2/4)Amount = 7500(1+2/100)^2Amount = 7500(102/100)^2Amount = 7500(51/50)^2Amount = 7500((51/50)*(51/50))Amount = 3(51*51)Amount = 3(2601)Amount = 7803hope it helps... | |