A bank pays 8% intrest per annum compounded Half-yearly. What equal amount should be deposited at the end of each half year for 1 1÷2 years to get an amount of ₹2000 at the end of 18 months?
Answers
Answer:
2000×18+11÷2
Step-by-step explanation:
provid: 2000×18+11÷2 = 36,005.5. 8% = 36,005.5.
Answer:
An equal amount of ₹1618.93 should be deposited at the end of each half-year for 1 1/2 years to get an amount of ₹2000 at the end of 18 months, assuming the interest rate remains constant.
Step-by-step explanation:
To calculate the equal amount to be deposited at the end of each half-year for 1 1/2 years to get an amount of ₹2000 at the end of 18 months, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
where A is the final amount, P is the principal (the amount to be deposited at the end of each half-year), r is the annual interest rate (8%), n is the number of times the interest is compounded per year (2 for half-yearly), and t is the time period in years (1.5 years).
We want to solve for P, so we can rearrange the formula:
P = A / ((1 + r/n)^(nt))
Substituting the given values, we get:
P = ₹2000 / ((1 + 0.08/2)^(2*1.5))
Simplifying the equation, we get:
P = ₹2000 / (1.04^3)
P = ₹1618.93 (rounded to two decimal places)
Therefore, an equal amount of ₹1618.93 should be deposited at the end of each half-year for 1 1/2 years to get an amount of ₹2000 at the end of 18 months, assuming the interest rate remains constant.
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