Question

2. Ankita started paying ₹400 per month in a 3 year recurring deposit. After six months
her brother Anshul started paying ₹7500 per month in a 2 years recurring deposit. The
bank paid 10% p.a. simple interest for both. At maturity who will get more money and
by how much?​

Answer 1

Answer:

Amount deposit by Ankita = Rs 400

Time period of deposition = 3 years = 12 × 3 = 36 months

Again

Amount deposit by Anshul = Rs 500

Time period of deposition = 2.5 years = 12 × 2.5 = 30 months

Rate of interest paid by bank = 10%

To Find :

At maturity who will get more money and by how much

Solution :

For Ankita

Principal deposit for 1 months = Amount deposit ×

                                                   = Rs 400 ×

                                                   = Rs 400 × 18 × 37

                                                   = Rs 266400

Now,

Interest =

             =

             = Rs 2220

So, Maturity Amount = Principal deposit for 1 months + Interest

                                   = Rs 266400 + Rs 2220

                                   = Rs 268620

Again

For Anshul

Principal deposit for 1 months = Amount deposit ×

                                                   = Rs 500 ×

                                                   = Rs 500 × 15 × 31

                                                   = Rs 232500

Now,

Interest =

             =

             = Rs 1937.5

So, Maturity Amount = Principal deposit for 1 months + Interest

                                   = Rs 232500 + Rs 1937.5

                                   = Rs 234437.5

From both calculation . Rs 234437.5 > Rs 232500

i.e Maturity Amount for Anshul is more than Maturity amount for Ankita.

.

Hence, The Maturity Amount for Anshul is more than Maturity amount for Ankita.