Question

Q.3 Your parents wants you to withdraw is S 8,000 each year starting next year for 2 years for your master program. They wants you to withdraw z each year starting on the 3th year for 4 your Ph.D. program. How much money they should put in the bank for you now if the interest rate is 12% per year. ​

Answer 1

Answer:

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Answer 2

Given:

8000 withdrawal for the first 2 years.

z withdrawal for the 3rd and 4th year.

interest rate is 12% per year .

To find:

total amount invested in bank.

Solution:

Let the total amount be 'x'

$x = (8000 + 8000) + (z + z)$

$x = 16000 + 2z$

let this be equation 1

$x - 2z = 16000$

Interest rate = 12% per year.

$Interest= \frac{12}{100} \times x \times 4$

the number of years mentioned is 4 years.

$Interest = \frac{12x}{25}$

using equation 1.

$= \frac{12}{25} \times (16000 - 2z)$

$= \frac{192000 - 24z}{25}$

$= \frac{192000}{5} - \frac{2z}{5}$

$= 7680 - \frac{2z}{5}$

$7680 = \frac{2z}{5}$

$7680 \times 5 = 2z$

$38400 = 2z$

$z = \frac{38400}{2}$

$z = 19200$

Now, using z = 19200 to find x.

$x = 16000 + 2z$

$x = 16000 + (2 \times 19200)$

$x = 16000 + 38400$

$x = 54400$

Therefore the total amount they should put in bank if interest is 12% per annum is Rs. 54400