You tell your dad that you want ₹800₹800₹, 800 as pocket-money every month. He can deposit some money in the bank such that the interest he gets will be equal to the money you need. His bank offers him an interest rate of 6\%6%6, percent per annum. How much money should he deposit in the bank?
Answers
*Correct Question
You tell your dad that you want Rs800 as pocket money every month. He can deposit some money in the bank such that the interest he gets will be equal to the money you need. His bank offers him an interest rate of 6%, per annum. How much money should he deposit in the bank?
Answer with explanation:
Getting rs800/month
but bank is giving interest on annum (year)
800×12months to get 1 year amount
= rs9600
= 6% of 9600
= (6/100) × 9600
= rs576
Therefore rs576 is the increment in amount 9600
So total amount which he should deposit in the bank
= 9600+576
= 9600+576=10176
Step-by-step explanation:
To find how much your dad must deposit, let's first find how much pocket-money you need in 1 year.
In 1 month, you need ₹800.
So, in 1 year or 12 months, you will need 12x800=9600
your dad gets 6% of the money he deposits as interest every year
lets find 6% of which number equals 9600
6%of deposit=9600
6/100x deposit=9600
deposit= (9600x100/6)
your dad should deposit 1,60,000 in the bank
=1,60,000