A senior citizen invest Tk. 50 lac in a fixed deposit scheme at 11.5 % annual interest for six months. In every six months he withdraws Tk. 2 Lac from his principal plus interest earned. What will be his principal amount to invest after two years?
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Interest earned by the senior citizen by fixed deposit -
Interest in 2 years = 50,00,000 x 11.5/100 x 2 = 11,50,000.
Amount after 2 years = 50,00,000 + 11,50,000 = 61,50,000.
The senior citizen withdraws 2,00,000 every six months.
This means that he will withdraw 2,00,000 x 4 = Tk 8,00,000 after 2 years.
His principal amount after 2 years would be -
61,50,000 - 8,00,000 = 53,50,000.
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