Q. 93.9( 28 Votes )

# 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?

Answer :

Present value, P = Rs.32000

Interest rate, R = 5% per annum

Time, n = 6 months = (1/2) years

∵ Compounded quarterly,

∴ Amount (A) = P [1 + (R/4)/100]^{4n} [Where, P = Present value

R = Annual interest rate

n = Time in years]

∴ A = 362000 [1 + (5/4)/100]^{2} [4n = 4 × 1/2]

⇒ A = 32000 [1 + 1/80]^{2}

⇒ A = 32000 [81/80]^{2}

⇒ A = 32000 × 81/80 × 81/80

⇒ A = 400 × 81 × 81/80

⇒ A = 5 × 81 × 81

⇒ A = 32805

∴ Amount = Rs.32805

∴ Sudershan will receive amount of Rs.32805 after 6 months.

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