Question

Akshay had rs 47,115 in his account after 4 years and 9 months. the bank offers an interest as of
6.5 percent per annum. How much did Akshay deposit in his account intially​

Answer 1

Answer:

Class 10

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>>A man deposited Rs 10000 in a bank with

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A man deposited Rs 10000 in a bank with interest rate of 5% simple interest annually. Find the amount in 15th year since he deposited the amount and also calculate the total amount after 20 years.

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It is given that the man deposited Rs 10000 in a bank at the rate of 5% simple interest annually. Since, the simple interest is added every year, the amount in every year is a term in arithmetic progression.

Formula for Simple Interest I=

100

P⋅T⋅R

∴ Interest for each year =

100

5

×Rs 10000=Rs 500

Interest for each year is the common difference.

Formula for n

th

term in an AP t

n

=a+(n−1)d

Amount in 15

th

year =10000+14(500)

=17000

Amount after 20 years, which is amount in 21

st

year=10000+20(500)

=20000

Step-by-step explanation:

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