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Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 years at CI rate 6% pa. How much amount will Aswin get on maturity of the fixed amount ?
- a)Rs.11,230
- b)Rs.10,250
- c)Rs.10,112
- d)Data inadequate
- e)None of these
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 ye...
Amount = 9000*106/100*106/100
= 9000*53/50*53/50
= 10,112
= 9000*53/50*53/50
= 10,112
Most Upvoted Answer
Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 ye...
Given:
- Principal amount (P) = Rs. 9000
- Time period (t) = 2 years
- Compound Interest rate (r) = 6% per annum
To find:
The amount Aswin will get on maturity of the fixed deposit.
Formula:
The formula to calculate the maturity amount in a fixed deposit scheme using compound interest is:
A = P(1 + r/100)^t
where,
A = Maturity amount
P = Principal amount
r = Rate of interest
t = Time period in years
Calculation:
Substituting the given values in the formula, we get:
A = 9000(1 + 6/100)^2
Simplifying the expression inside the brackets:
A = 9000(1 + 0.06)^2
A = 9000(1.06)^2
Calculating the value inside the brackets:
(1.06)^2 = 1.1236
Substituting back into the formula:
A = 9000(1.1236)
Calculating the final result:
A = 10112.40
Therefore, Aswin will get Rs. 10,112.40 on maturity of the fixed deposit.
Explanation:
The compound interest formula is used to calculate the maturity amount in a fixed deposit scheme. The principal amount, interest rate, and time period are substituted into the formula to obtain the final result. In this case, the principal amount is Rs. 9000, the interest rate is 6% per annum, and the time period is 2 years. By substituting these values into the formula and simplifying the expression, we find that Aswin will receive Rs. 10,112.40 on maturity of the fixed deposit.
- Principal amount (P) = Rs. 9000
- Time period (t) = 2 years
- Compound Interest rate (r) = 6% per annum
To find:
The amount Aswin will get on maturity of the fixed deposit.
Formula:
The formula to calculate the maturity amount in a fixed deposit scheme using compound interest is:
A = P(1 + r/100)^t
where,
A = Maturity amount
P = Principal amount
r = Rate of interest
t = Time period in years
Calculation:
Substituting the given values in the formula, we get:
A = 9000(1 + 6/100)^2
Simplifying the expression inside the brackets:
A = 9000(1 + 0.06)^2
A = 9000(1.06)^2
Calculating the value inside the brackets:
(1.06)^2 = 1.1236
Substituting back into the formula:
A = 9000(1.1236)
Calculating the final result:
A = 10112.40
Therefore, Aswin will get Rs. 10,112.40 on maturity of the fixed deposit.
Explanation:
The compound interest formula is used to calculate the maturity amount in a fixed deposit scheme. The principal amount, interest rate, and time period are substituted into the formula to obtain the final result. In this case, the principal amount is Rs. 9000, the interest rate is 6% per annum, and the time period is 2 years. By substituting these values into the formula and simplifying the expression, we find that Aswin will receive Rs. 10,112.40 on maturity of the fixed deposit.
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Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 years at CI rate 6% pa. How much amount will Aswin get on maturity of the fixed amount ?a)Rs.11,230b)Rs.10,250c)Rs.10,112d)Data inadequatee)None of theseCorrect answer is option 'C'. Can you explain this answer?
Question Description
Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 years at CI rate 6% pa. How much amount will Aswin get on maturity of the fixed amount ?a)Rs.11,230b)Rs.10,250c)Rs.10,112d)Data inadequatee)None of theseCorrect answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 years at CI rate 6% pa. How much amount will Aswin get on maturity of the fixed amount ?a)Rs.11,230b)Rs.10,250c)Rs.10,112d)Data inadequatee)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 years at CI rate 6% pa. How much amount will Aswin get on maturity of the fixed amount ?a)Rs.11,230b)Rs.10,250c)Rs.10,112d)Data inadequatee)None of theseCorrect answer is option 'C'. Can you explain this answer?.
Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 years at CI rate 6% pa. How much amount will Aswin get on maturity of the fixed amount ?a)Rs.11,230b)Rs.10,250c)Rs.10,112d)Data inadequatee)None of theseCorrect answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 years at CI rate 6% pa. How much amount will Aswin get on maturity of the fixed amount ?a)Rs.11,230b)Rs.10,250c)Rs.10,112d)Data inadequatee)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aswin invested an amount of Rs.9000 in a fixed deposit scheme for 2 years at CI rate 6% pa. How much amount will Aswin get on maturity of the fixed amount ?a)Rs.11,230b)Rs.10,250c)Rs.10,112d)Data inadequatee)None of theseCorrect answer is option 'C'. Can you explain this answer?.
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