how much amount a person should deposit in a bank to ensure early scholarship of rs 500 for ever? rate of interest is 16%.
Answers
3125 should be deposited at 16% rate to ensure yearly scholarship of 500 forever
Given : Yearly scholarship of 500 forever
Rate of interest is 16%
To Find : Amount a person should deposit in a bank
Solution:
Amount Deposited = P
Rate of interest R = 16%
Yearly scholarship = 500 forever
Amount deposited should be such that yearly interest is Rs 500 ( used for scholarship ) and principal amount remains same in the account
Hence Yearly interest should be Rs 500
P * R * T / 100 = 500
=> P * 16 * 1 /100 = 500
=> P = 50000/16
=> P = 3125
3125 should be deposited at 16% rate to ensure yearly scholarship of 500 forever
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