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NCERT Class XI Mathematics - Sequences and Series - Solutions
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Question : 108 of 106
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A man deposited Rs 10000 in a bank at the rate of 5% simple interest annually. Find the amount in 15th year since he deposited the amount and also calculate the total amount after 20 years.
Solution:
Man deposited = Rs 10,000. Rate of interest = 5% Amount at the end of 1st year = Rs. Since A = P + = Rs. [10000 + 500] = Rs. 10500 Amount at the end of 2nd year = Rs. = Rs. [10000 + 1000] = Rs. 11000. Similarly, amount at the end of 14th year = Rs. = Rs. [10000 + 7000] = Rs. 17,000. Hence, the amount at the end of 14th year = amount in the 15th year = Rs. 17000. Now, amount at the end of 20th year = Rs. = Rs. [10000 + 10000] = Rs. 20000.
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