When Rebecca Hayden and Devita turn 16 they with each get a certain amount of money as their granny decides to invest ₹150000 at 7% per annum compounded annually in some child plan. The 3 cousins under 16 are aged 9 years 6 months 12 years and 14 years and a quarter (3 months) .How much might each get when they turn 16.
Answers
Answer:
Each will get 65347.3
Step-by-step explanation:
Let say Each get = X rs
14 year 3 months would get amount after 1 year 9 month
12 years would get amount after 4 years
9 year 6 month would get after 6 year 6 month
interest earned in 1 st year = 150000 * 7 * 1/100 = 10500 Rs
Amount after 1 year = 150000 + 10500 = 160500 Rs
interest earned in 2nd year =
160500 Rs interest for 1 year - 3 month interest on X
= 7 * 160500 / 100 - X*7*(1/4)/100
=11235 - 7X/400
Amount after 2 years = 160500 + 11235 - 7X/400 - X
= 171735 - 407X/400
Amount after 4 Years = (171735 - 407X/400)(1.07)² - X
Amount after 6 years = ((171735 - 407X/400)(1.07)² - X)(1.07)²
interest earned in next 6 month
= ((171735 - 407X/400)(1.07)² - X)(1.07)² * 7/200
((171735 - 407X/400)(1.07)² - X)(1.07)² (1 + 7/200) = X
Solve this to get X
X = 65347.3