Ms. Shah needs Rs. 16509 after 3 years. How much money should she invest per month in a recurring deposit scheme to get the required amount, when the rate of interest is 9.5% p.a?
Answers
Given : Ms. Shah needs Rs. 16509 after 3 years. she invest per month in a recurring deposit scheme to get the required amount . Rate of interest = 9.5 % p.a .
To find : How much money should she invest per month
Solution:
let say Amount Deposited per month = 100P Rs
Amount Deposited in 36 Months = 3600P Rs
Interest earned for 1st month deposit will be for 36 month
for 2nd month Deposit for 35 month
and so on
Simple interest = P * R * T /100
R = 9.5% per annum = 9.5/12 per month
Interest Earned = (100P * 9.5 * /1200)(36 + 35 +.................+ 1)
= (19P/24) * 36 * 37/2
= 2109P/4
= 527.25P
3600P + 527.25P = 16509
=> 4127.25P = 16509
=> P = 4
=> 100P = 400
Deposit per month = 400 Rs
400 Rs should be invested per month
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