Question

Hardeep saves 15% of his total anual income and deposits it every year in a bank on a fixed date. The
terest proizled by the bank is 10% per annum compounded annually. In the fourth year he could not
depost the amount, but bad withdrawn the whole amount with interest, on the same fixed date. What is the
20tal amount w thdrawn from the bank of his annual income is Rs. 80.000,​

Answer 1

Given :  Hardeep saves 15% of his total anual income and deposits it every year in a bank on a fixed date. The  interest by the bank is 10% per annum compounded annually. In the fourth year he could not  deposit the amount, but had withdrawn the whole amount with interest, on the same fixed date.

his annual income is Rs. 80.000,​

To Find :

What is the  total amount withdrawn from the bank  

Solution:

In the fourth year on the same fixed date.   = end of 3 Years

Amount Deposited each year= (15/100)80000  = 12000  Rs

Amount Deposited 1st year get interest for 3 years

12000 becomes in 3 year =   12000 ( 1 + 10/100)³ =  15,972  Rs

Amount Deposited 2nd year get interest for 2 year

12000 becomes in 2 year =   12000 ( 1 + 10/100)² =  14520  Rs

Amount Deposited 3rdd year get interest for 1 year

12000 becomes in 1 year =   12000 ( 1 + 10/100) =  13200  Rs

Total Amount = 15972 + 14520 + 13200

= 43692  Rs

total amount withdrawn from bank. = Rs 43692

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