Question

A housewife deposited Rs 10,000 on saving account at 5% p.a. interest compounded

Answer 1

Answer:

Rs. 3923.08

Step-by-step explanation:

First principal invested = Rs. 10000

Interest rate = 5%

The interest is compounded yearly.

Time = 1 year

1 year compound interest is equal to simple interest.

Formula for simple interest:

$SI = \dfrac{PRT}{100}$

Interest on first sum = $\frac{10000\times 5\times 1}{100} = Rs\ 500$

Another sum is on fixed deposit 8% compounded half yearly.

Let the sum = Rs $x$

Formula for compound interest is given as:

$CI = P(1+\frac{R}{100})^T - P$

It is compounded half - yearly, therefore T = 2

$CI = x (1+\frac{8}{100})^2 - x\\\Rightarrow CI = x(1.08)^2-x = 0.1664x$

As per question statement:

$0.1664x - 500 = 152.80\\\Rightarrow x = \dfrac{652.80}{0.1664} = Rs\ 3823.08$