What amount will be received on a sum of ₹ 15000 in

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What amount will be received on a sum of ₹ 15000 in 1¹/₄ yr at 12% pa, if interest is compounded quarterly?

1. ₹ 16596.88
2. ₹ 16789.08
3. ₹ 17630.77
4. ₹ 17389.12

Correct Option: D

Given, P = ₹ 15000, R = 12 %
and n = 1¹/₄ = 5/4 Yr
According to the formula,
Amount = p [1 + R/(100 x 4)]⁴ⁿ
= 15000 x [1 + 12/(100 x 4)]^{4 x 5/4}
= 15000(412/400)⁵
= 15000 (103/100)⁵
= 15000 x (103/100) x (103/100) x (103/100) x (103/100) x (103/100)
= (15 x 103 x 103 x 103 x 103 x 103) / 10000000
= ₹ 17389.111
= ₹ 17389.12 (approx )