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Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p.a. kapil raceived rs.101500 at the end of the term. Compute intisal deposits ?
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Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p...
Calculation of Initial Deposit
Given
- Time period = 7.5 years
- Rate of interest = 6% p.a.
- Amount received at the end of term = Rs. 1,01,500
Formula
Compound Interest = P[(1 + R/n)^(n*t)] - P
where P = Principal amount, R = Rate of interest, t = Time period, n = Number of times interest is compounded in a year
Solution
Let the initial deposit be P.
Since the interest is compounded annually, we have n = 1 and t = 7.5 years.
Using the formula for compound interest, we get:
1,01,500 = P[(1 + 6/100/1)^(1*7.5)]
1,01,500 = P[(1.06)^7.5]
P = 1,01,500 / (1.06)^7.5
P = Rs. 60,000 (approx)
Explanation
The initial deposit is the amount that Kapil deposited in the bank in order to receive Rs. 1,01,500 at the end of 7.5 years. To calculate the initial deposit, we can use the formula for compound interest. We know the time period, rate of interest, and the amount received at the end of the term. By substituting these values in the formula, we can calculate the initial deposit. This calculation assumes that the interest is compounded annually.
Community Answer
Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p...
Time- 71/2 = 7.5
rate - 6%
A- 101500
p- ?
A= p+ P×R×T/ 100
101500= P +P × 6%×7.5
101500 = 1.45P
101500/ 1.45 = P
[ 70000 =P ]
rate - 6%
A- 101500
p- ?
A= p+ P×R×T/ 100
101500= P +P × 6%×7.5
101500 = 1.45P
101500/ 1.45 = P
[ 70000 =P ]
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Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p.a. kapil raceived rs.101500 at the end of the term. Compute intisal deposits ?
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Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p.a. kapil raceived rs.101500 at the end of the term. Compute intisal deposits ? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p.a. kapil raceived rs.101500 at the end of the term. Compute intisal deposits ? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p.a. kapil raceived rs.101500 at the end of the term. Compute intisal deposits ?.
Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p.a. kapil raceived rs.101500 at the end of the term. Compute intisal deposits ? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p.a. kapil raceived rs.101500 at the end of the term. Compute intisal deposits ? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Kapil deposits some amount in a bank for 7.5 years at the rate of 6% p.a. kapil raceived rs.101500 at the end of the term. Compute intisal deposits ?.
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