Question

9.Ram withdrew a fixed amount at the beginning of each quarter . If interest of his drawing during 2019-20 @ 10% p.a. amounts to ₹ 6,000, his quarterly drawing was :-
(1 Point)

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Answer 1

Explanation:

At the beginning of each quarter :

Amount of drawings = 4 ×₹ 6,000 = ₹ 24,000

average period = 7.5 (12+3/2 = 7.5)

Interest of his drawing during 2019-20 @ 10% p.a.

Interest on drawing = annual drawing × rate × average period /12

= 24,000×(10/100)×(7.5/12)

= 1,500

Interest on drawing = ₹ 1,500

Therefore, Amount of drawings =₹ 24,000

Interest on drawing = ₹ 1,500

Answer 2

ANSWER :

• ❖ If Ram withdrew a fixed amount at the beginning of each quarter and interest of his drawings during the year 2019-20, @10% p.a. amounts to Rs. 6,000; then his quarterly drawings was Rs. 24,000.

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SOLUTION :

❒ Given :-

• Ram withdrew a fixed amount at the beginning of each quarter.

• Interest on drawing during the year 2019-20, @10% p.a. amounts to Rs. 6,000.

❒ To Find :-

• The amount of Ram's quarterly drawings = ?

❒ Required Formula :-

• $\dag \: \: \underline{ \boxed{ \sf{ \: Interest \: \: on \: \: Drawings = Total \: \: Drawings \times Rate \: \: of \: \: Interest \times Time \: }}}$

❒ Note :-

• ✎ A year has 4 quarters. Hence, when a fixed amount is withdrawn as drawings every quarter, then the total drawings is calculated by multiplying the fixed amount with 4; i.e., 4 × Fixed Amount = Total Drawings.

• ✎ When equal amounts are withdrawn in the beginning of each quarter during the year the interest on drawing will be calculated on the total drawings at the specified rate for the average period of 7½ months or 7.5 months.

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❒ Calculation :-

Here,

• Interest on Drawings = Rs. 6,000

• Rate of Interest on Drawings = 10% p.a.

• Time = 7.5 months

Suppose,

• The total drawings of the year 2019-20 = Rs. P

Using the formula of Interest on Drawings, we get,

• ★ Interest on Drawings = Total Drawings × Rate of Interest × Time

⇒ 6,000 = P × 10% × 7.5 months

⇒ 6,000 = P × $\rm{\dfrac{10}{100}}$ × $\rm{\dfrac{7.5}{12}}$

⇒ 6,000 = P × $\rm{\dfrac{1}{10}}$ × $\rm{\dfrac{7.5}{12}}$

⇒ 6,000 = P × 0.0625

⇒ P × 0.0625 = 6,000

⇒ P = $\rm{\dfrac{6,000}{0.0625}}$

⇒ P = Rs. 96,000

• Total Drawings of the year = Rs. 96,000

Now,

• A year has 4 quarters.

Suppose,

• The quarterly drawings = Rs. X

Thus,

• ✪ Quarterly Drawings × 4 = Total Drawings

➨ X × 4 = 96,000

➨ X = $\rm{\dfrac{96,000}{4}}$

∴ X = 24,000

• Hence, the amount of quarterly drawings is Rs. 24,000.