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Mr Sathya invested money in FD. How much will he get on maturity. if Rs. 14,500 is invested at 20% per annum compound interest for 6 months, compounded quarterly?

Mr Sathya invested money in FD. How much will he get on maturity. if Rs. 14,500 is invested at 20% per annum compound interest for 6 months, compounded quarterly? Correct Answer Rs. 15,986.25

Given:

Principal = Rs.14500

Rate = 20% p.a.

Time = 6 months

Compounded quarterly.

Calculation:

 Rate % = 20pa

Rate% of 1 month = 20/12

Rate% for 3month = (20/12)×3 = 5%

Effective rate% = {5 + 5 + (5×5)/100} = {10 + .25} = 10.25%

10.25% of 14500

⇒ {10.25/100}× 14500 = 1486.25

∴ Amount = 14500 + 1486.25 = Rs.15986.25

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