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Question
Ankita started paying Rs 400 per month in a 3 years recurring deposit. After six months her brother Anshul started paying Rs 500 per month in a `2(1)/(2)` years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?
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Solution
In case of Ankita,
Deposit per month = Rs 400
Period (n) = 3 years = 36 months
Rate of interest = 10%
Total principal for one month
= `400 xx ("n"("n" + 1))/(2)`
= `400 xx (36(36 + 1))/(2)`
= `₹(400 xx 36 xx 37)/(2)`
= ₹ 266400
Interest
= `"prt"/(100)`
= `(266400 xx 10 xx 1)/(100 xx 12)`
= ₹ 2220
∴ Amount of maturity
= ₹ 400 × 36 + ₹ 2220
= ₹ 14400 + ₹ 2220
= ₹ 16620
In case of Anshul,
Deposit P.m. = ₹ 500
Rate of interest = 10%
Period (n) = `2(1)/(2)` year = 30months
∴ Total principal for one month
= `₹500 xx ("n"("n" + 1))/(2)`
= `500 xx (30(30 + 1))/(2)`
= `₹(500 xx 30 xx 31)/(2)`
= ₹ 232500
Interest
= `(232500 xx 10 xx 1)/(100 xx 12)`
= ₹ 1937.50
Amount of maturity
= ₹ 500 × 30 + ₹ 1937.50
= ₹ 15000 + ₹ 1937.50
= ₹ 16937.50
At maturity Anshul will get more amount
DIfference
= ₹ 16937.50 - ₹ 16620.00
= ₹ 317.50.
RELATED QUESTIONS
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Amount Deposits (In Rs) |
Balance (In Rs) |
| Jan 1, 2000 Jan, 8 Feb 18 May 19 July 15 Oct 7 |
By Balance By cash To Cheque By Cash To self By cash |
- - 10,500 - 2,400 - |
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Deposits (₹) |
Balance (₹) |
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