Question

Find the amount on Rs. 62,500 at 8% pa compounded quarterly for 9 months. 
1. Rs. 66345
2. Rs. 66325.5
3. Rs. 66335.5
4. Rs. 64255

Answer 1

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.