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Mr. Akhil invested Rs. 13,500 in FD. How much will he get on maturity, if he invested it at 20% per annum compound interest for 6 months, compounded quarterly?

Mr. Akhil invested Rs. 13,500 in FD. How much will he get on maturity, if he invested it at 20% per annum compound interest for 6 months, compounded quarterly? Correct Answer Rs. 14,883.75

Given:

Principal, P= 13500

Rate of interest, R= 20% per annum

Number of years, N = 6/12 = 1/2 years (or 6 months)

Formula used:

A = P4N

Calculation:

A = 135004 × (1/2)

⇒ A = 13500 × (21/20)2

⇒ A = 13500 × (441/400)

⇒ A = 14883.75

∴ The amount he got after 6 months is Rs. 14,883.75.

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