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Ramesh deposited Rs. 7500 in a bank which pays him $12 %$ interest per annum compounded quarterly. What is the amount which he receives after 9 months?

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Rs.1395.45

Rs.6195.45

Rs.2895.45

Rs.8195.45

answer is D.

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Detailed Solution

Given,

Principal (P) = Rs 7500 Rate (R) = 12 % p .a . Time (T) = 9 months

Also given interest is compounded quarterly Rate of interest compounded quarterly

⇒ 124 % per quarter year

Time (T) will also be taken quarterly that is

T = 912 × 4 quarters ⇒ 3 quarters

Also, Rate becomes, R =

\frac{12}{4}

quarters
⇒ R = 3 quarterly years
The formula to calculate the amount is given by,

A = P 1 + R 100 n ⇒ 7500 1 + 3100 3 ⇒ 7500 (1.03) 3 ⇒ 8195.45

Hence, the required amount is

A =

Rs 8195.45.
Hence, the correct option is 4.

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