Correct Answer - Option 1 : Rs. 1688.26
Given
Principal = Rs. 1500, Time = 12 months and Rate = 12% per annum
Formula used
A = P(1 + r/100)t
Where A, P, r and t represents amount, principal, rate and time respectively
Concept
When compound quarterly is given, then time is multiply by four and rate is divided by four.
Calculation
Rate = 12%/4 = 3% per annum
Time = 12 months or 1 year
⇒ 1 × 4
⇒ 4
A = P(1 + r/100)t
⇒ A = 1500(1 + 3/100)4
⇒ A = 1500(103/100)4
⇒ A = Rs. 1688.26
∴ The amount is Rs. 1688.26.