Q. 33.9( 10 Votes )

# Manu deposited 15,000 rupees in a financial establishment which pays interest compounded every 3 months, at 8% annual rate. How much would he get back after one year?

Answer :

Investment = 15000Rs

Annual rate = 10%

Interest compounded in every 3 months. Interest compounded quarterly yearly.

Since Interest is compounded quarterly yearly, Interest has to be calculated four times a year.

Quarterly rate = 8/4=2%

Amount after a year=

= 16236.482416236

(.48<.5 ignored)

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