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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.

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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