Question

(n-1)=52 n=52+1=53 Solve. (1) In a district co-operative bank, Mr. Surendra invested Rs. 500 in 2001, Rs. 1500 in 2002, Rs. 2500 in 2003. If he keeps on investing in the bank upto 2020 in the same manner, how much investment will there be in his account at the end of 2020 ?​

Answer 1

The total investment at the end of 2020 would be Rs. 10,517.24.

Step-by-step explanation:

To find the investment at the end of 2020, we need to calculate the compound interest for each year and then sum up all the investments. Assuming an annual interest rate of 7%, we can use the formula for compound interest:

Investment = Principal × (1 + Interest rate)^Number of years

For the first investment of Rs. 500 in 2001, the number of years is 2020 - 2001 = 19. Plugging in the values, we get:

Investment =

`500 × (1 + 0.07)^1^9 = Rs. 1,304.09`

Similarly, for the second investment of Rs. 1500 in 2002, the number of years is 2020 - 2002 = 18. So the investment would be:

Investment =

`1500 × (1 + 0.07)^1^8 = Rs. 3,391.64`

Finally, for the third investment of Rs. 2500 in 2003, the number of years is 2020 - 2003 = 17. The investment would be:

`Investment = 2500 × (1 + 0.07)^1^7 = Rs. 5,821.51`

So the total investment at the end of 2020 would be Rs. 1,304.09 + Rs. 3,391.64 + Rs. 5,821.51 = Rs. 10,517.24.