What is the amount (in ₹) of a sum of ₹32,000 at 20% per annum for 9 months, compounded quaterly ?
Answer & explanation
Correct answer: option 1
In 9 months there are 3 quarter.
So Rate quarterly = 20% × \(\frac{3 }{4}\) = 15%
We know ,
Amount = Principal × ( 1 + \(\frac{rate }{100}\) )t
= 32000 × ( 1 + \(\frac{15 }{100}\) )3
= 32000 × \(\frac{21 }{20}\) × \(\frac{21 }{20}\) × \(\frac{21 }{20}\)
= Rs. 37044