At six months' intervals A deposited of Rs."1000" in a savings account which creditinterest at "10%" p,a."],[" compounded semi-annually.The first deposit was made when "A'" s son was "6" months old and last deposit "],[" was made when his son was "8" years old.The money remained in the account and was presented to the "],[" son on his "10^(" th ")" birthday.How much did he receive? "(1.06)^(16)=2.1829" )
Answers
Answered by
3
A deposited of Rs."1000" every 6 months from 6 month to 8 year will be 28756.45 rs after 10 years
Step-by-step explanation:
interest rate = 5% semi annually
1st deposit will earn interest for 19*6 month
last deposit will earn interest for 4 * 6 months
Amount received = 1000*(1.05)^4 + 1000*(1.05)^5 + .........+ 1000*(1.05)^19
= 1000*(1.05)^4( 1 + 1.05 + ...... +1.05^15)
= 1000 * 1.05^4 (1.05^16 - 1)/(1.05-1)
= 1000 * 1.05^4 (2.1829 - 1)/(0.05)
= 21000 * 1.05^3 * 1.1829
= 28756.45
Similar questions