How much amount should Stella deposit every month in a bank giving 10% simple interest if she wants 3 years later she get 3324
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Given How much amount should Stella deposit every month in a bank giving 10% simple interest if she wants 3 years later she get 3324
- Let the amount deposited by Stella every month be P
- Now bank gives 10% S.I, So P = Rs 10
- Therefore amount paid in 3 years (36 months) will be 36 x 10 = Rs 360
- Now S.I = P x R x n / 100
- = 10 x 10 x 36 x 37 / 2 x 12 x 100
- = 111 / 2
- = 55.5
- Now Amount will be 360 + 55.5 = 415.5
- So if the amount is 415.5, then principal is 10
- Therefore if the amount is 3324, then principal will be 3324 x 10 / 415.5
- = Rs 80
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