A person buys cash certificates of Rs 125. Thereafter every year he buys these certificates of the value exceeding previous year’s purchase by Rs 25. Find the total value of the certificates purchased by him in 20 years
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Given,
Price of the cash certificate of the first month = rs. 125
Price exceeds rs. 25 in each consecutive years.
The total time is 20 years.
To find,
Total value of the certificates which are purchased in 20 years.
Solution,
If we observe the data mentioned in the question,we can say that the given scenario is an example of AP or Arithmetic Progression.
So, we just need to apply the sum of AP formula to solve this mathematical problem.
a = first term of AP = 125
n = total members in AP = 20
d = common difference = 25
Sum of the AP = n/2[2a + (n – 1)d] = 20/2[2×125 + (20-1)×25] = 10×(250 + 475) = 7250
Hence,the total value of the certificates purchased in 20 years is rs. 7250
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