Rupesh 2100 is lent at compound interest of 5% per annum for 2 years find the Amount after two years

Mohan has a recurring deposit account in a bank for 2 years at 6% p.a. simple interest. If he gets Rs. 1200 as interest at the time of maturity find:
(i) the monthly instalment
(ii) the amount of maturity.

Solution

Interest = Rs 1200
Period(n) = 2 years = 24 months
Rate(r) = 6% p.a
Let monthly deposit = ₹P p.m.
∴ Interest

= `("P" xx "n"("n" + 1))/(2 xx 12) xx "r"/(100)`

1200 = `("P" xx 24 xx 25)/(24) xx (6)/(100)`

⇒ 1200 = `(6)/(4)"p"`

∴ P = `(1200 xx 4)/(6)` = 800
∴ Monthly deposit = ₹800
and maturity value = P x n + Interest
= ₹800 x 24 + ₹1200
= ₹19200 + ₹1200 
= ₹20400.

Concept: Bank

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APPEARS IN

Answered by Alin Malya Rashmi G on 2021-11-14 04:14:53 | Votes 22 | # | Last Updated: 2021-11-14 13:24:59

Solution: 

Given: 

A = P × [ 1 + (r/100) ]^n where,

A is the amount in rupees,

P is the principal in rupees,

r is the interest in percentage,

n is time in years.

P = Rs.2100, r = 5% , n = 2 years, A = ?

So,

A = 2100 × [ 1 + (5/100) ]²

A = 2100 × [ 1 + (0.05) ]²

A = 2100 × [ 1.05 ]²

A = 2100 × 1.1025

A = 2,315.25

So, the correct option is B). Rs. 2315.25

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