Question

a person deposits rs 200000 in a fixed deposits in bank that pays interest at 1% during first year ,at 2% in the second year,at 3 % in the third year ,at 4% in the fourth year and at 5 % in the fifth year. determine the balance in his account after 5 year.​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

The man's bank balance after 5 years will be 2,31,703.04 Rs.

Explanation:

Given :

Deposited Money = 2,00,00 Rs

To Solve :

1) First Year :

Interest Rate = 1%

1% of 2,00,00 is :

$\frac{1}{100}$×200000 = 2000

∴ After the first year, his bank balance will be =

2,00,000 + 2,000  = 2,02,000 Rs

2) Second Year :

Interest Rate = 2%

2% of 2,02,000 is :

$\frac{2}{100}$×202000 = 4040

∴After the second year, his bank balance will be =

2,02,000 + 4,040 = 2,06,040 Rs

3) Third Year :

Interest Rate = 3%

3% of 2,06,040 is :

$\frac{3}{100\\}$×206040 = 6181.2

∴After the third year, his bank balance will be =

2,06,040 + 6,181.2 = 2,12,221.2 Rs

3) Fourth Year :

Interest Rate = 4%

4% of 2,12,221,2 is :

$\frac{4}{100}$×212221.2 =  8448.84

∴ After the fourth year, his bank balance will be =

2,12,221.2 + 8,448.84 = 2,20,670.04 Rs

5) Fifth Year :

Interest Rate = 5%

5% of 2,20,670.04 is :

$\frac{5}{100}$×220670.04 = 11,033.5

∴ After the fifth year, his bank balance will be =

2,20,670.04 + 11,033 = 2,31,703.04 Rs

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