The basic salary of a teacher is 7,000 per month. He
contributes 10% of his salary to his Provident Fund
Account. His employer also contributes 10% (i. e. the
similar account) if the simple interest credited to the
provident fund account is 6% per annum. Find the
amount of interest after one year. Also find the amount.
Answers
Given : basic salary of a teacher is 7,000 per month
He contributes 10% of his salary to his Provident Fund Account.
His employer also contributes 10% (i. e. the similar account)
simple interest credited to the provident fund account is 6% per annum.
To Find : the amount of interest after one year.
Solution:
PF for each month = (10/100) 7000 + (10/100)7000 = 1400 Rs
Interest for 1st month PF is for 12 month
then Interest for2nd month PF is for 11 month
and so on
Simple interest = P * R * T / 100
P = 1400 Rs
R = 6 %
SI = ( 1400 * 6 / 12 * 100) ( 12 + 11 + 10 +..................................+ 1)
SI = ( 7 ) (78)
SI = 546 Rs
amount of interest after one year. = Rs 546
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