Q))) A man deposited RS 500 per month for 1 and half years and receives rs 5500 then interest received by him is
Answers
Answered by
0
Answer:
Interst received by him is 3500
Answered by
0
Answer:
Amount deposited every month, P= 500
Number of months, n=5×12=60 months
Rate of interest, r=7
2
1
% =
2
15
%
Total deposit made =Pn=500×60
= 30,000
Period for recurring deposit, N=
12
1
[
2
n(n+1)
] years
=
24
1
×60×61=
2
305
years
Interest, I=
100
PNr
=500×
2
305
×
2×100
15
= 5,718.75
Total amount due =Pn+
100
PNr
=30,000+5,718.75
= 35,718.75
Similar questions