Question

A person deposited same money is bank, bank gives 6.66% per annum S.I. after 4 year he withdraw Rs 2550 bank gives 12.5% per annum simple intrest and remaining amount at the end of fifth year, total amount is Rs. 15300. Find the initial investment ?

Answer 1

Answer:

6400

Step-by-step explanation:

it's the correct answer

Answer 2

Given:

A person deposited some money in a bank at 6.66% per annum at SI. After 4 years he withdraws Rs 2550, now at the end of the 5th year bank gives 12.5% p.a in the remaining amount, at the end of the fifth year total amount is Rs 15300

To Find:

Find the initial investment

Solution:

Let the initial investment be $P$. Now finding the amount after 4 years using the simple interest formula

$P_{4}=P+\frac{P*6.66*4}{100}\\=P[1+\frac{6.66}{25}]$

Now after 4 years Rs2550 is being withdrawn. Now finding the principal for the 5th year in which 12.5% interest will be calculated

$P_{5}=P[\frac{31.66}{25}]-2550$

Now calculated the final amount

$P_{f}=P_{5}+\frac{P_{5}*12.5*1 }{100}\\=P_{5}[1+\frac{1}{8}]\\=P_{5}*\frac{9}{8}$

Now we have an equation for the final amount we can now put every value in this equation and proceed further to find the initial investment

$[P*\frac{31.66}{25}-2550]*\frac{9}{8}=15300\\P*\frac{31.66}{25}-2550=13600\\P=16150*\frac{25}{31.66} \\=12752.68$

Hence, the initial investment is Rs 12752.68