Question

Ravi deposits 500 at the beginning of every month for 5 yrs in a post office. If the rate of interest in 7.5 percent, find the amount he will receive after 5 yrs

Answer 1

Answer:

Rs.13435

Step-by-step explanation:

Ravi deposits at begining of 5 months=RS.500

Ravi deposits for 1 year= 5*500=Rs.2500

Ravi deposits for 5 year=2500*5=Rs.12,500

now,we need to find out the SI or Simple interest= PTR/100

So, 500*5*7.5/100

=187

SI of 1 year is 187

so, SI of 5 year =187*5=935

Therefore,Amount =principal+interest

=12,500+935

=Rs.13435 only.