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?

Explanation

Principal `(p) =` Rs `7500`
Rate` (r) = 12 % = 12/4 = 3 %` (for quarterly)
Time` = 9` months `= 9/12`years `= 9/12 xx 4 = 3 `(for quarter in a year)
By using the formula,` A = P (1 + R/100)^n`
`= 7500 (1 + 3/100)^3 `
`= 7500 (103/100)^3 `
`=` Rs` 8195.45 `
Required amount is Rs `8195.45`.