A sum of ₹ 3,200 invested at 10% p.a. compounded quarterly

A sum of ₹ 3,200 invested at 10% p.a. compounded quarterly amounts to 3,362. Compute the time period.

Here , Amount ( A ) = ₹ 3,362 , P = ₹ 3,200 , Rate ( R ) = 10% , Time = quarterly = 4t

A = P		1 +	R		^T
			100

Interest is compounded quarterly ,

3,362 = 3200		1 +	10		^4t
			400

⇒	3362	=		1 +	1		^4t
	3200				40

⇒	1681	=		41		^4t
	1600			40

⇒		41		²	=		41		^4t
		40					40

⇒ 4t = 2 ⇒ t =	1	year
	2