Question

You tell your dad that you want ₹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%, percent per annum.
How much money should he deposit in the bank?

Answer 1

Answer:

in 1 Month you need 800

so in 1year or 12 months you will need 12×800=9600

6%of deposit =9600

Deposit =(9600×100/6)

your dad should deposit 1,60,000in the bank

Answer 2

Given,

The pocket money needed per month = ₹ 800

The interest rate offered by the bank is 6% per annum.

To Find,

Calculating the money to be deposited.

Solution,

We can solve the given problem by using the following process.

The money needed per year $= 800*12$

                                                 $= 9600 rs$

                                                 = ₹ 9600

Let,

The money to be deposited be $'x'$

Then,

                                                 $x* \frac{6}{100} =9600\\\\x=\frac{9600*100}{6} \\\\x=1,60,000$

                                               

Hence, the money to be deposited in the bank is ₹ 1,60,000