Question

Evan withdrew a fixed amount at the end of each
quarter. If interest on his drawings during 2019-20
@10% p.a. amounts to 3,000, then find the amount
of his quarterly drawings.​

Answer 1

Answer:

let the total drawings =x

then

x × 10 4.5

------------ × ----- = 3000

100 12

x= 80000

Answer 2

Answer:

Explanation:

Evan withdrew a fixed amount quarterly.

Interest on his drawings  = 3000

Rate of interest = 10 %

If he withdrew X at the end of each quarter-

When equal amount of drawings is withdrawn at the end of each quarter, interest is calculated for a period of 4.5 months.

Hence,

Interest on drawings= X ×  10/100 × 4.5/12

                    3000 × 100 × 12/ 10 ×4.5    = X

                            80000 = x

The amount of his quarterly drawings is 80000