a person invests Rs.500 at the end of each year with a bank which pays interest at 10% p.a. c.i annually.the amount standing to his credit one year after he has made his yearly investment for the 12th time is :
ans: Rs.11764.50.
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Replies (4)
Simple steps of solving using a calculator:- 500 multiplied by 1.1 (i.e.1 + 0.10)=550, press M+, repeat the operation i.e. 550 multiplied by 1.1, press M+, repeat the same operation i.e *1.1 and press M+ for 12 times. Press Memory recall( MRC), you will get the answer. Note: There may be a minor rounding off difference.
| Month | Investment | Interest | Gross Value |
| 1 | 500.00 | 50.00 | 550.00 |
| 2 | 500.00 | 105.00 | 1,155.00 |
| 3 | 500.00 | 165.50 | 1,820.50 |
| 4 | 500.00 | 232.05 | 2,552.55 |
| 5 | 500.00 | 305.26 | 3,357.81 |
| 6 | 500.00 | 385.78 | 4,243.59 |
| 7 | 500.00 | 474.36 | 5,217.94 |
| 8 | 500.00 | 571.79 | 6,289.74 |
| 9 | 500.00 | 678.97 | 7,468.71 |
| 10 | 500.00 | 796.87 | 8,765.58 |
| 11 | 500.00 | 926.56 | 10,192.14 |
| 12 | 500.00 | 1,069.21 | 11,761.36 |
| OB | Deposit | Intt @ 10% | CB | |
| Year1 | - | 500.00 | - | 500.00 |
| Year2 | 500.00 | 500.00 | 50.00 | 1,050.00 |
| Year3 | 1,050.00 | 500.00 | 105.00 | 1,655.00 |
| Year4 | 1,655.00 | 500.00 | 165.50 | 2,320.50 |
| Year5 | 2,320.50 | 500.00 | 232.05 | 3,052.55 |
| Year6 | 3,052.55 | 500.00 | 305.26 | 3,857.81 |
| Year7 | 3,857.81 | 500.00 | 385.78 | 4,743.59 |
| Year8 | 4,743.59 | 500.00 | 474.36 | 5,717.94 |
| Year9 | 5,717.94 | 500.00 | 571.79 | 6,789.74 |
| Year10 | 6,789.74 | 500.00 | 678.97 | 7,968.71 |
| Year11 | 7,968.71 | 500.00 | 796.87 | 9,265.58 |
| Year12 | 9,265.58 | 500.00 | 926.56 | 10,692.14 |
| Year13 | 10,692.14 | - | 1,069.21 | 11,761.36 |
pls send me module -I solve question paper for Dec. 2010 & June 2010
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