Question

If at the end of each quarter a deposit of Rs. 500 is made in an account that pays 8 % compounded quarterly, what will the final amount be after five years?​

Answer 1

Step-by-step explanation:

Amount deposited every month, P= 500

Number of months, n=5×12=60 months

Rate of interest, r=7

2

1

% =

2

15

%

Total deposit made =Pn=500×60

= 30,000

Period for recurring deposit, N=

12

1

[

2

n(n+1)

] years

=

24

1

×60×61=

2

305

years

Interest, I=

100

PNr

=500×

2

305

×

2×100

15

= 5,718.75

Total amount due =Pn+

100

PNr

=30,000+5,718.75

= 35,718.75

Answer 2

Answer:

ɪɴ ᴅᴇᴛᴀɪʟ ᴡɪᴛʜ ... ᴏғ ᴛʜᴇ ʟᴇɴɢᴛʜ ᴏғ ᴀ . ᴄᴍ ʟᴏɴɢ ғɪʙʀᴇ ɪs

Step-by-step explanation:

ɪғ ᴛʜᴇ ᴀɴsᴡᴇʀ ɪs ᴄᴏʀʀᴇᴄᴛ ᴘʟᴇᴀsᴇ ᴍᴀʀᴋ ᴍᴇ ᴀs ʙʀᴀɪɴʟɪᴇsᴛ