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= 
= 16236.4824
16236
(.48<.5 ignored)
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