Amal deposits R 100 on the 1st day of every month.he deposited the money for a year. If the rate of SI be 6% how much money does he receive at the end of the year.
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Step-by-step explanation:
First month Rs 100 will be deposited and with 6 % annual interest first month's simple interest will be (100 * 6 * 1 )/( 100 * 12 ) = 1/2 ( interest is 6/12 for monthly basis) .
Next month 100 more will be deposited so total amount will be 100 + 100 = 200 .
Simple interest 6% annually that's mean 6/12 monthly
Second month interest will be (200*6*1)/(100*12)= 1 .
So this process will go on for all the 12 months and by this process we will get the interests of all this months .
Now add those interest
1/2 + 2/2+3/2+4/2+5/2+6/2+7/2+8/2+9/2+10/2+11/2+ 12/2 = 39 .
Total amount after one year 100*12+39 = 1239 .
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