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A person deposited `50000Rs` for his son of age `10` years, in a monetary fund. The fund investing that money at the rate of `4%` simple interest per annum, gave the sone a quantity of `1200Rs` at the end of every year. The annual expenses of the fund is `300Rs`. After fulfilling `18` years, what amount the boy will get from the fund? |
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Answer» At the rate of `4%` per annum, the interest of `Rs50000` in `1` year `=Rs(50000xx4xx1)/(100)=Rs2000` The annual expenses of the fund `=Rs(1200+300)=Rs1500` `:.` Rest of the money `=Rs(2000-1500)=Rs500` `:.` After completion of `18` years, the total quantity of simple interest `=Rs(18-10)xx500=Rs4000`. `:.` The total amount the boy will get from the fund at the end of `18` years `=Rs(50000+4000)` `=Rs54000`. `:.` The required amount `=Rs54000`. |
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