Answer
Verified
378.6k+ views
Hint: Joshita is having a principal amount Rs12000 and her bank compounds the interest thrice a year at an interest rate of 15% and we need to find how much money she will have at the end of the year. To find this amount, we are going to use the formula
\[ \Rightarrow A = P\left[ {{{\left( {1 + \dfrac{r}{{100}}} \right)}^n}} \right]\]
Complete step-by-step solution:
In this question, we are given that Joshita is having a principal amount of Rs12000 and her bank compounds the interest thrice a year at an interest rate of 15% and we need to find how much money she will have at the end of the year.
Now, to find the total amount at the end of the year, we have the formula
\[ \Rightarrow A = P\left[ {{{\left( {1 + \dfrac{r}{{100}}} \right)}^n}} \right]\] - - - - - - - - - - - - - - (1)
Where, $A = $Total Amount, $P = $Principal amount, $r = $ rate of interest and $n = $time period.
Here, we have
$ P = 12000 \\
r = 15\% \\
n = 3 \\
A = ? $
Therefore, substituting these values in equation (1), we get
\[ \Rightarrow A = P\left[ {{{\left( {1 + \dfrac{r}{{100}}} \right)}^n}} \right]\]
\[\Rightarrow A = 12000\left[ {{{\left( {1 + \dfrac{{15}}{{100}}} \right)}^3}} \right] \\
\Rightarrow A = 12000\left[ {{{\left( {1 + 0.15} \right)}^3}} \right] \\
\Rightarrow A = 12000\left[ {{{\left( {1.15} \right)}^3}} \right] \\
\Rightarrow A = 12000\left[ {1.520875} \right] \\
\Rightarrow A = 18250.50 \]
Hence, Joshita will save Rs18250.50 at the year's end.
Hence, option A is the correct answer.
Note: Here, note that we are taking the value of n=3 because the interest is being compounded thrice a year. If it was given that the interest is being compounded 2 a year, then we had to take the value of n equal to 2.
\[ \Rightarrow A = P\left[ {{{\left( {1 + \dfrac{r}{{100}}} \right)}^n}} \right]\]
Complete step-by-step solution:
In this question, we are given that Joshita is having a principal amount of Rs12000 and her bank compounds the interest thrice a year at an interest rate of 15% and we need to find how much money she will have at the end of the year.
Now, to find the total amount at the end of the year, we have the formula
\[ \Rightarrow A = P\left[ {{{\left( {1 + \dfrac{r}{{100}}} \right)}^n}} \right]\] - - - - - - - - - - - - - - (1)
Where, $A = $Total Amount, $P = $Principal amount, $r = $ rate of interest and $n = $time period.
Here, we have
$ P = 12000 \\
r = 15\% \\
n = 3 \\
A = ? $
Therefore, substituting these values in equation (1), we get
\[ \Rightarrow A = P\left[ {{{\left( {1 + \dfrac{r}{{100}}} \right)}^n}} \right]\]
\[\Rightarrow A = 12000\left[ {{{\left( {1 + \dfrac{{15}}{{100}}} \right)}^3}} \right] \\
\Rightarrow A = 12000\left[ {{{\left( {1 + 0.15} \right)}^3}} \right] \\
\Rightarrow A = 12000\left[ {{{\left( {1.15} \right)}^3}} \right] \\
\Rightarrow A = 12000\left[ {1.520875} \right] \\
\Rightarrow A = 18250.50 \]
Hence, Joshita will save Rs18250.50 at the year's end.
Hence, option A is the correct answer.
Note: Here, note that we are taking the value of n=3 because the interest is being compounded thrice a year. If it was given that the interest is being compounded 2 a year, then we had to take the value of n equal to 2.
Recently Updated Pages
How many sigma and pi bonds are present in HCequiv class 11 chemistry CBSE
Mark and label the given geoinformation on the outline class 11 social science CBSE
When people say No pun intended what does that mea class 8 english CBSE
Name the states which share their boundary with Indias class 9 social science CBSE
Give an account of the Northern Plains of India class 9 social science CBSE
Change the following sentences into negative and interrogative class 10 english CBSE
Trending doubts
Fill the blanks with the suitable prepositions 1 The class 9 english CBSE
The Equation xxx + 2 is Satisfied when x is Equal to Class 10 Maths
In Indian rupees 1 trillion is equal to how many c class 8 maths CBSE
Which are the Top 10 Largest Countries of the World?
How do you graph the function fx 4x class 9 maths CBSE
Give 10 examples for herbs , shrubs , climbers , creepers
Difference Between Plant Cell and Animal Cell
Difference between Prokaryotic cell and Eukaryotic class 11 biology CBSE
Why is there a time difference of about 5 hours between class 10 social science CBSE