Answer:
Explanation:
To solve this problem, we can use the formula for calculating compound interest:
A = P * (1 + r/n)^(n*t)
where:
A = the final amount
P = the principal (initial amount of money)
r = the annual interest rate (as a decimal)
n = the number of times interest is compounded per year
t = the time (in years)
In this problem, we know that the interest rate is 4.5% per year, or 0.045 as a decimal. The money is deposited for 48 months, or 4 years.
Let's assume that the principal deposited is P. Then we can use the formula to calculate the final amount:
A = P * (1 + r/n)^(nt)
80,000 = P * (1 + 0.045/12)^(124)
Simplifying the equation, we get:
80,000 = P * (1.00375)^48
80,000 = P * 1.21169
Dividing both sides by 1.21169, we get:
P = 80,000 / 1.21169
P = 66,000
Therefore, the initial amount deposited by the person was Rs. 66,000.