Question

4.
A man's monthly income is $34,475. He opens a saving account with an initial
deposit amount of $5000 on 1st January, 2010. He invested in systematic
investment plan where $15,000 would be deducted from his salary account on the
20th of every month. Salary is credited on 3rd of every month. First investment
was done on 20th February, 2010. What is the balance money in his account on
25th May, 2010?
​

Answer 1

Answer:

Balance on his account on 25th May 2010 =  $ 141850

Step-by-step explanation:

Given  : A man's monthly income is Rs.34475. He opens a savings account with an initial deposit amount of $ 5000 on 1st January 2010.

So,

Balance on his account on 2nd January 2010 = 34475 - 5000 = $ 29475

Salary is credited on 3rd of every month. , So

Balance on his account on 3rd January 2010 =  29475 + 34475 = $ 63950

And

$. 15000 would be deducted from his salary account on the 20th of every month. First investment was done on 20th February 2010.

Balance on his account on 3rd February 2010 =  63950 + 34475 = $ 98425

And

Balance on his account on 20th February 2010 = 98425 - 15000 = $ 83425,

Balance on his account on 3rd March 2010 =  83425 + 34475 = $ 117900

And

Balance on his account on 20th March 2010 =  117900 - 15000 = $ 102900,

Balance on his account on 3rd April 2010 =  102900 + 34475 = $ 137375

And

Balance on his account on 20th April 2010 =  137375 - 15000 = $. 122375

And

Balance on his account on 3rd May 2010 =  122375 + 34475 = $ 156850

And

Balance on his account on 20th May 2010 =  156850 - 15000 = $ 141850

Therefore ,

Balance on his account on 25th May 2010 =  $ 141850