Mr Singh has saved 5000 this year .Next year he plans to save double amount he has saveed this year .He plans to continue saving in this manner for next four years.find the total ammount he will save at the end of fifth year
Answers
Given : Mr Singh has saved 5000 this year .
Next year he plans to save double amount he has saved this year .
He plans to continue saving in this manner for next four years.
To find : the total amount he will save at the end of fifth year
Solution:
Saving on 1st year = 5000
Saving on 2nd year = 5000 x 2 = 10000
Saving on 3rd year = 10000 x 2 = 20000
Saving on 4th year = 20000 x 2 = 40000
Saving on 5th year = 40000 x 2 = 80000
Total Saving = 5000 + 10000 + 20000 + 40000 + 80000
=155000
Using GP
a = 5000 , r = 2 , n = 5
Sₙ = a(rⁿ - 1)/(r - 1)
= 5000 ( 2⁵ - 1) /(2 - 1)
= 5000 ( 32 - 1)/ 1
= 5000 ( 31)
= 155000 Rs
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