Question

A man invests rs. 1200 at 10% per annum. At the end of the year, he withdraws 30% of the total amount and pays rs. 24 as a transaction fee. At the end of the second year, he withdraws 30% of the amount and pays rs. 93 as a transaction fee. What is the balance at the end of the second year?

Answer 1

Answer:

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Answer 2

Rs. 600 is the balance at the end of the second year

Explanation:

The formula for calculating simple interest is P×n×r/100  Where: P=Principle n=term of the deposit r=interest rate.

At the end of the 1st year:

• In this case Principle = Rs. 1200, Term = 1 year, and Interest Rate = 10%
• By applying simple interest formula for the above case, Simple Interest = 1200*1*10/100 = Rs. 120
• Total Amount = Principle + Interest
• Total Amount = Rs. 1200 + Rs. 120 = Rs. 1320
• The withdrawal amount is 30% of the final total amount.  
• So in this case, 30% of the total amount of Rs. 1320 is equal to 1320 * 30/100 = Rs. 396
• The balance amount after withdrawal = Rs. 1320 - Rs. 396 = Rs. 924
• Investment amount for the second year = Rs. 924 - Rs. 24 (transaction fee) = Rs. 900

At the end of 2nd year:

• In this case Principle = Rs. 900, Term = 1 year, and Interest Rate = 10%
• By applying simple interest formula for the above case, Simple Interest = 900*1*10/100 = Rs. 90
• Total Amount = Rs. 900 + Rs. 90 = Rs. 990
• The withdrawal amount is 30% of the final total amount.  
• So in this case 30% of total amount Rs. 990 is equal to 990 * 30/100 = Rs. 297
• The balance amount after withdrawal = Rs. 990 - Rs. 297 = Rs. 693
• Balance amount at the end of the second year = Rs. 693 - Rs. 93 (transaction fee) = Rs. 600