A requires Rs.20000 at the beginning of each year from 2025 to 2029.How much should he deposit at the end of each year 2015 to 2020? The interest rate is 12%.
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Given: A requires Rs.20000 at the beginning of each year from 2025 to 2029. Rate= 12%
To find: deposit at the end of each year 2015 to 2020
Solution:
The simple interest for the given amount, time, and rate have to be taken out.
SI= 20,000 into 12 into 4/100
SI = 9600.
We will use this SI, time will be 5 years and rate as 12 percent to find out the deposit.
9600= deposit into 5into 12/100
deposit = 16,000
The deposit at the end of each year 2015 to 2020 is 16,000.
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