Ramlal deposits 30000 rupees in a financial establishment which pays interest at 9% annual rate, compounded every four months. Then he would get back R.s.[[1]] after one year.

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Detailed Solution

Concept- Ramlal will get 32781.81 after one year.
Formula for total amount of compound interest is

where, A = Final amount i.e., (principle + interest).
P = Principle on which Interest in compounded
R = Rate of compound interest/annum
n = no. of times interest compounded/year
t = Time period (years)
Since, interest is compounded every 4 months for one year, we will have to calculate the “nt” value and then use the formula for the total amount of compound interest to get the desired answer.
Given, interest is compounded every 4 months, i.e.,

Given are other data about principle, rate of interest and time period.
P = Rs. 30000
R = 9% per annum
t = 1 year
Therefore,