Question

A person deposits rs 50 at d beginning of every month in the savings bank account in which intrst is allowed at 2% per annum on the minimum monthly balance find the balance of the account at the end of second year calculating simple instrst

Answer 1

here it is.................

Answer 2

Answer:

Explanation:

Simple Interest:

Simple interest $(SI)$ is a way to figure out how much interest will be charged on a sum of money at a specific rate and for a specific amount of time.

$S.I = \frac{Pnr}{100}$

$P =$ Principal

$n =$ number of years

$r=$ rate of interest

Given:

• A person deposits Rs. 50 at the beginning of every month for 2 years.
• Interest is 2% per annum .

To Find:

• we need to find the account's balance at the end of the second year when simple interest is calculated.

Solution:

A person deposits Rs. 50 at the beginning of every month for 2 years.

Total Deposit $= 50 * 2 (years) * 12(month)$

Total Deposit $= 1200$

$S.I = \frac{Pnr}{100}$

$SI = \frac{1200 * 2 *2}{100}$

$SI = 48$

The account's balance at the end of the second year = Total deposit $+$ SI

Total Balance $= 1200 + 48 = 1248$

Therefore, the account's balance at the end of the second year when simple interest is calculated is Rs.$1248$

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