Question

A man deposited rs 9000 in a bank which gave interst at 11%.what amount will he receive after 3 year and 4 months?

Answer 1

Given that principal amount(let p)= Rs 9000

Given rate of interest(let r)=11%

Given time period(let n)=3 years 4months,

Which is=3 4/12= 3 1/3 = 10/3 years, now by converting it into we get:

10/3×12=40 months

Here Maturity value after 40 months we must find

So

Now

Total sum deposited in 40 months= principal amount × time period

=9000×40=rs360000

Now

Interest=p×n(n+1) /2×12×r/100

=9000×40×41/2×12×11/100

So by solving this we get interest equal to rs67650

Therefore

Maturity value = total sum deposited+ interest

=360000+67650=427650

Hope it is helpful