Mr. Bajaj needs RS. 30,000 after 2years . What least money( in multiple of Rs. 5 ) must he deposits every month in a recurring deposit account to get a required money in the end 2 years , the rate of interest being 8% p.a. ????
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Answer:
he needs to deposit Rs. 7210
Step-by-step explanation:
the formula for compound interest is A = P (1 + r/n) ^ nt
A is the amount
P is the principle
R is the rate ( in decimals)
n is the number of times the interest is compounded per year
t is the time
30000 = x ( 1 + 0.08/2)^2x2
30000 = x ( 1.04)^4
30000 = x(4.16)
30000=4.16x
x= 30000/4.16
x = 7211.53846153
rounded off to the nearest 5 is 7210
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