Question

sanyam is partner in form where he draws fixed amount at the end of every month . interest on drawings is charged @ 10% p.a . at the end of year , interst on sanyams drawing was 550.drawings of sanyam were

Answer 1

Answer:

12000

Explanation:

let Drawing be X

X *5.5/12*10%=550

Answer 2

Answer:

Explanation:

Let the total amount withdrawn during the year be 'x'

Intrest = Total amount × Rate × (Average period/12)

x × (¹⁰/₁₀₀) × (⁵°⁵/₁₂) = 550

x × (⁵⁵/₁₂₀₀) = 550

55x = 6,60,000

x = 12,000

Monthly withdrawn = 1,000

yearly = 12,000