Parminder won a lottery of Rs. 50000,30% was paid as income tax. he deposited the balance in a bank paying 10% per annum, interest compounded biannually. what sum will she get after 3years.
Answers
Given :- Parminder won a lottery of Rs. 50000, 30% was paid as income tax. he deposited the balance in a bank paying 10% per annum, interest compounded biannually. what sum will she get after 3years.
Solution :-
→ Total lottery won = Rs.50000
since 30% was paid as income tax . He left with 70% of total lottery .
so,
→ Amount deposited in bank = P = 70% of 50000 = (70 * 50000)/100 = Rs.35000
→ Rate = 10% per annum = 10/2 = 5%
→ Time = 3 * 2 = 6 years .
{ compounded biannually means semi annually. }
then,
→ Amount recieved = P[1 + (R/100)]^T
→ A = 35000[1 + (5/100)]⁶
→ A = 35000[1 + (1/20)]⁶
→ A = 35000(21/20)⁶
→ A ≈ Rs.46903.35 (Ans.)
therefore, Parminder gets Rs.46903.35 after 3 years .
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