X and Y are partners. X draws a fixed amount at the beginning of every month. Interest on drawings is charged @8% p.a. At the end of the year interest on X’s drawings amounts to *₹2,600. Drawings of A’were :
Answers
Answer:
Given:
X and Y are partners
X draws a fixed amount at the beginning of every month
Interest on drawings is charged @8% p.a.
At the end of the year interest on X’s drawings amounts to Rs.2,600
To find:
Drawings of X were?
Solution:
Let's assume Rs. "x" as the amount of per month drawing of X.
No. of drawings in a year = 12
∴ The total drawings made by X in a year = Rs. (12x)
The rate of interest = 8 %
Since the amount is withdrawn at the beginning of every month for 12 months, so we can calculate the average period of drawings as:
Average Time is,
= \frac{[Time \:left\:after\:1st \:drawing]\:+\:[Time \:left\:after\:last \:drawing]}{2}
2
[Timeleftafter1stdrawing]+[Timeleftafterlastdrawing]
= \frac{12\:+\:1}{2}
2
12+1
= \frac{13}{2}
2
13
= 6.5\:months6.5months
Now, we will use the following formula to find the interest:
Interest\:on\:drawings = [Annual\:drawings] \times [Rate\:of \:interest]\times [\frac{Average \:Time}{12} ]Interestondrawings=[Annualdrawings]×[Rateofinterest]×[
12
AverageTime
]
By substituting the values of Interest = Rs. 2600, Annual drawings = 12x, the rate of interest = 8%, in the above formula of interest, we get
2600 = [12x] \times[\frac{8}{100} ] \times [\frac{6.5}{12} ]2600=[12x]×[
100
8
]×[
12
6.5
]
\implies 2600\times100\times 12 = 12x\times 8 \times 6.5⟹2600×100×12=12x×8×6.5
\implies 3120000 =624x⟹3120000=624x
\implies x = \frac{3120000}{624}⟹x=
624
3120000
\implies \bold{x = 5000}⟹x=5000
Thus, the fixed amount of drawings of X at the beginning of every month were Rs. 5000.
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