Book Maths Puzzle

Amht deposited Rs 150 per month in a bank for 8 months under the recurring deposit scheme. What will be the maturity value of his deposits, if the rate of interest is 8% p.a. And interest is calculated at the end of every month?

Read Solution (Total 1)

(((1+i)^n)-1)*(a/i) =maturity value or future sum
where i=rate of interest
n=number of interest periods
a=amount deposited
now consider the example
i=8% for 12 months
i=8/12 for one month
n=8 months
a=150
now future sum =(((1+(8/12))^8)-1)*(150/(8/12))
=13170.9 rupees
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Book Other Question

A retailer buys an article from a wholesaler at a discount. The retailer sells it at Rs 1210 inclusive of a sales tax at the rate of 10% on the listed price. If he makes a profit of 14% by selling it, find the rate of discount the retailer received from the wholesaler. Mr Dev invests Rs 120000 in 10% Rs 100 shares at 20% premium. If tax is deducted at the rate of 10% find his annual income from his investments. Later on Mr dev sells half of his shares at Rs 140 per share. He invests the proceeds in 15% Rs 10 share available at 20 % discount. What annual income will he receive now from his investments in shares if the tax is deducted at the same rate