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CBSE Class 10 Answered

kishan deposit rs20 000 for 1 year as fixed deposit in allahabad bank at interst rate of 16%peer annum if the intrest is compunded every 3month how much money will kishan get on maturity
Asked by srubi7383 | 03 Mar, 2019, 06:37: PM
answered-by-expert Expert Answer
According to the question,
P = Rs. 20000, r = 16% p. a. = 16/4 = 4% for 3 months, n = 1 year
Maturity value = begin mathsize 16px style straight P open parentheses 1 plus fraction numerator straight r divided by 4 over denominator 100 end fraction close parentheses to the power of 3 straight n end exponent end style
Maturity value = 20000(1.04)4 = Rs. 23397.17
Answered by Sneha shidid | 04 Mar, 2019, 09:43: AM

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