in how many years will Rs 15625 produce an interest of Rs 1951 at the rate of 4% compound interest payable annually
1 answer:
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Answer:
D.
Step-by-step explanation:
Given:
Initial amount in the bank = $1000
Money withdrawn each week = $100
Final amount should be at least $500.
Now, let the number of weeks the money is withdrawn be 'w'.
Therefore,
Money withdrawn in 'w' weeks =
Total Money withdrawn in 'w' weeks =
Now, final amount after 'w' weeks is equal to the difference between initial amount and total withdrawal amount. Therefore,
Final amount = Initial amount - Total withdrawal amount
Final amount =
Now, final amount must be greater than or equal to $500. So,
Therefore, the inequality that represents the inequality for the number of weeks Amy can withdraw money is:
Now, let us solve for 'w'.
Adding -500 and 100w both sides, we get:
Therefore, the correct option is (D).