Question

Bank offer scheme of investing rupees X per month for 2 years if the rate of interest offered by the bank is 10% per annum and the total interest received will be rupees 1900 then the value of x is​

Answer 1

Answer:

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Answer 2

Answer:

A bank offers 10% interest compounded yearly. A customer deposits Rs. 3600 each on 1st January and 1st July of a year.

Hence, halfy-early rate of interest = 10/2 = 5%.

Compound interest for first 6 months = Rs. 3600 × [1 + (5/100)] = Rs. 3780

So, interest = Rs. 3780 - 3600 = Rs. 180

Principal amount for next 6 months = Rs. 3600 + 3780 = Rs. 7380

So, the compound interest for last 6 months = Rs. 7380 × [1 + (5/100)] = Rs. 7749

So, interest = Rs. 7749 - 7380 = Rs. 369

∴ The total interest gained = Rs. 180 + 369 = Rs. 549