Correct Answer - Option 2 : Rs. 66325.5
Given:
P = Rs. 62,500
R = 8% pa = 2% per quarter
n = 9 months = 3 quarters
Formula Used:
Amount = P(1 + R/100)n
Calculation:
∴ According to the formula:
⇒ P(1 + R/100)n
⇒ 62,500(1 + 2/100)3
⇒ 62,500(51/50)3
⇒ 62500 × 51/50 × 51/50 × 51/50
⇒ ½ × 51 × 51 × 51
⇒ Rs. 66,325.5
∴ The amount is Rs. 66,325.5.