a person needs rupees 30000 after 2 years .What least money ( in multiple of rupees 5 ) must he deposit every month in a recurring deposit account to get required money at the end of 2 years the rate of interest being 8% p.a
AkshithaZayn:
good question! !
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Heya,
Here is your answer.
》》》》》》》》》》
[ good question, it take me half an hour!!]
☆ In this question, it's not saying about compound interest.
☆ But, normally, in compound interest questions, it is asked.
☆ I think compound annually is better because in that choice the man need to invest less compared to simple.
☆ We will have to do and prove both.
☆ COMPOUND YEARLY
A = P ( 1+%/100)^n
30,000 = P (1+8/100)^2
P = 30,000/1.1664
P = 25,720
☆ SIMPLE INTEREST
A = P+I
30,000 = P (1+2×8/100)
P = 30000/1.16
= 25, 860
☆ [ The ans I give above, is yearly, so, divide it By 12 to get monthly ]
☆ I will give compound monthly too. But, i don't think it may be useful.
☆ COMPOUND MONTHLY
A = P (1+R/100)^n
30,000= P (1+8/100)^24
30,000 = P× 6.34
P = 4730
Multiple of 5 = Rs.4730
Hope it helps..
[ good, interesting n killing question.]
Hope it will not come in your exams xD
Here is your answer.
》》》》》》》》》》
[ good question, it take me half an hour!!]
☆ In this question, it's not saying about compound interest.
☆ But, normally, in compound interest questions, it is asked.
☆ I think compound annually is better because in that choice the man need to invest less compared to simple.
☆ We will have to do and prove both.
☆ COMPOUND YEARLY
A = P ( 1+%/100)^n
30,000 = P (1+8/100)^2
P = 30,000/1.1664
P = 25,720
☆ SIMPLE INTEREST
A = P+I
30,000 = P (1+2×8/100)
P = 30000/1.16
= 25, 860
☆ [ The ans I give above, is yearly, so, divide it By 12 to get monthly ]
☆ I will give compound monthly too. But, i don't think it may be useful.
☆ COMPOUND MONTHLY
A = P (1+R/100)^n
30,000= P (1+8/100)^24
30,000 = P× 6.34
P = 4730
Multiple of 5 = Rs.4730
Hope it helps..
[ good, interesting n killing question.]
Hope it will not come in your exams xD
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