Book Online Demo
Check Your IQ

Courses

Class - 11 JEE CourseClass - 11 NEET CourseClass - 12 JEE CourseClass - 12 NEET CourseDropper JEE CourseDropper NEET CourseClass - 10 Foundation JEE CourseClass - 10 Foundation NEET CourseClass - 10 CBSE CourseClass - 9 Foundation JEE CourseClass -9 CBSE CourseClass - 8 CBSE CourseClass - 7 CBSE CourseClass - 6 CBSE Course

Q.

A sum of Rs. 20,000 is invested at 12% per annum compounded quarterly. Find the amount after 2 years. ( round nearest to thousands)

see full answer

Want to Fund your own JEE / NEET / Foundation preparation ??

Take the SCORE scholarship exam from home and compete for scholarships worth ₹1 crore!*
An Intiative by Sri Chaitanya

a

3000

b

35000

c

2800

d

29000

answer is A.

(Unlock A.I Detailed Solution for FREE)

Ready to Test Your Skills?

Check your Performance Today with our Free Mock Test used by Toppers!

Take Free Test

Detailed Solution

Interest rate = 12% p.a. compounded quarterly Time period = 2 years Number of quarters = 8 (4 quarters in 1 year)

Amount = P(1 + (r/n))^(nt) = 20000(1 + (0.12/4))^(4*2) = 20000(1 + 0.03)^8 = 20000(1.03)^8 = Rs. 29,137.62

Therefore, the amount after 2 years is Rs. 29,137.62.

Watch 3-min video & get full concept clarity
Related Blogs
Get ₹ 1 crore* worth scholarship for JEE / NEET / Foundation
Result Producing online coaching for JEE/NEET of south India
Largest All India Test Series for JEE/NEET
Best Books for IIT JEE
Best Books for NEET
score_test_img

Get Expert Academic Guidance – Connect with a Counselor Today!

Related Blogs
Get ₹ 1 crore* worth scholarship for JEE / NEET / Foundation
Result Producing online coaching for JEE/NEET of south India
Largest All India Test Series for JEE/NEET
Best Books for IIT JEE
Best Books for NEET
whats app icon