If a person provide payments of Rs.15000 at the end of each 3rd month for 7 years and interest is 13.5% compounded quarterly, then calculate how much money is deposited?
Answers
Answer:
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Given : a person provide payments of Rs.15000 at the end of each 3rd month for 7 years and interest is 13.5% compounded quarterly,
To Find : how much money is deposited
Solution:
A = P ( 1 + R/100)ⁿ
P = 15000
R = 13.5/4 % Quarterly = 3.375 %
n = 7 years = 28 Quarters
Amount 1st deposited = 15000 ( 1 + 3.375/100)²⁸
Amount 2nd deposited = 15000 ( 1 + 3.375/100)²⁷
Amount 2nd last deposited = 15000 ( 1 + 3.375/100)¹
Amount last deposited = 15000 ( 1 + 3.375/100)⁰
Total Amount = 15000 ( 1 + 3.375/100)⁰ + 15000 ( 1 + 3.375/100)¹ + ______ ________ 15000 ( 1 + 3.375/100)²⁷ + 15000 ( 1 + 3.375/100)²⁸
a = 15000 r = 1 + 3.375/100 n = 29
Sum = a(rⁿ - 1)/(r - 1)
= 15000 ( 1 + 3.375/100)²⁹ / ( 1 + 3.375/100 - 1)
= 11,63,771.28
Money deposited is 11,63,771.28
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