Math, asked by prathikshapadu, 8 months ago

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

Answered by amitnrw
1

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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