Ankita started playing 400 per month in a year recurring deposit. After six month her brother Anshul started paying 500 per month in a 2 1/2 years reccuring deposit. The bank paid 10%p.a.simple interest for both. At maturity who will get more money and by how much ?
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Step-by-step explanation:
In case of Ankita
Deposit per month=Rs 400
Period(n) =3 years=36 months
Rate of interest=10%
Total principal of one month
=400× n(n+1) / 2=400×36(36+1) /2
=400×36×37/2=Rs 266400
Interest=prl/100
=266400×10×1/100×12= Rs 2220
Amount of maturity=Rs 400×36+Rs2220
=Rs 16620
In case of Anshul
Deposit per month=Rs 500
Rate of interest=10%
Period (n) =2 1/2 years =30
Total principal of one month
=Rs 500×n(n+1) /2=500×30(30+1) /2
=Rs 500×30×31/2=Rs 232500
Interest=232500×10×1/100×12=Rs 1937.50
Amount of maturity=Rs 500×30+Rs 1937.50
=Rs 16937.50
At maturity Anshul will get more money than Ankita.Difference=Rs 16937.50-Rs 16620=Rs 317.50
Hope it will help you..
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1
Answer:
Hello good morning...............
The answer is 317.5
I cannot send the attachment now
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