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At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760?
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At six months’ intervals A deposited of Rs. 1000 in a savings account ...
Calculation of Interest
First, we need to calculate the interest earned on each deposit. The interest rate is 10% p.a., compounded semi-annually. Therefore, the interest rate for each 6-month period is:
r = 10/2 = 5%
For the first deposit, the money remained in the account for 9.5 years (from 6 months old to 10 years old). Therefore, the interest earned on the first deposit is:
I1 = 1000*(1+r)^19 - 1000 = 1000*(1.05)^19 - 1000 = 3094.96
For the second deposit, the money remained in the account for 9 years. Therefore, the interest earned on the second deposit is:
I2 = 1000*(1+r)^18 - 1000 = 1000*(1.05)^18 - 1000 = 2848.24
For the third deposit, the money remained in the account for 8.5 years. Therefore, the interest earned on the third deposit is:
I3 = 1000*(1+r)^17 - 1000 = 1000*(1.05)^17 - 1000 = 2625.51
For the fourth deposit, the money remained in the account for 8 years. Therefore, the interest earned on the fourth deposit is:
I4 = 1000*(1+r)^16 - 1000 = 1000*(1.05)^16 - 1000 = 2422.40
For the fifth deposit, the money remained in the account for 7.5 years. Therefore, the interest earned on the fifth deposit is:
I5 = 1000*(1+r)^15 - 1000 = 1000*(1.05)^15 - 1000 = 2237.19
For the sixth deposit, the money remained in the account for 7 years. Therefore, the interest earned on the sixth deposit is:
I6 = 1000*(1+r)^14 - 1000 = 1000*(1.05)^14 - 1000 = 2068.39
For the seventh deposit, the money remained in the account for 6.5 years. Therefore, the interest earned on the seventh deposit is:
I7 = 1000*(1+r)^13 - 1000 = 1000*(1.05)^13 - 1000 = 1914.94
For the eighth deposit, the money remained in the account for 6 years. Therefore, the interest earned on the eighth deposit is:
I8 = 1000*(1+r)^12 - 1000 = 1000*(1.05)^12 - 1000 = 1775.17
For the ninth deposit, the money remained in the account for 5.5 years. Therefore, the interest earned on the ninth deposit is:
I9 = 1000*(1+r)^11 - 1000 = 1000*(1.05)^11 - 1000 = 1648.64
For the tenth deposit, the money remained in the account for 5 years. Therefore, the interest earned on the tenth deposit is:
I10 = 1000*(1+r)^10 - 1000 = 1000*(1.05)^10 - 100
First, we need to calculate the interest earned on each deposit. The interest rate is 10% p.a., compounded semi-annually. Therefore, the interest rate for each 6-month period is:
r = 10/2 = 5%
For the first deposit, the money remained in the account for 9.5 years (from 6 months old to 10 years old). Therefore, the interest earned on the first deposit is:
I1 = 1000*(1+r)^19 - 1000 = 1000*(1.05)^19 - 1000 = 3094.96
For the second deposit, the money remained in the account for 9 years. Therefore, the interest earned on the second deposit is:
I2 = 1000*(1+r)^18 - 1000 = 1000*(1.05)^18 - 1000 = 2848.24
For the third deposit, the money remained in the account for 8.5 years. Therefore, the interest earned on the third deposit is:
I3 = 1000*(1+r)^17 - 1000 = 1000*(1.05)^17 - 1000 = 2625.51
For the fourth deposit, the money remained in the account for 8 years. Therefore, the interest earned on the fourth deposit is:
I4 = 1000*(1+r)^16 - 1000 = 1000*(1.05)^16 - 1000 = 2422.40
For the fifth deposit, the money remained in the account for 7.5 years. Therefore, the interest earned on the fifth deposit is:
I5 = 1000*(1+r)^15 - 1000 = 1000*(1.05)^15 - 1000 = 2237.19
For the sixth deposit, the money remained in the account for 7 years. Therefore, the interest earned on the sixth deposit is:
I6 = 1000*(1+r)^14 - 1000 = 1000*(1.05)^14 - 1000 = 2068.39
For the seventh deposit, the money remained in the account for 6.5 years. Therefore, the interest earned on the seventh deposit is:
I7 = 1000*(1+r)^13 - 1000 = 1000*(1.05)^13 - 1000 = 1914.94
For the eighth deposit, the money remained in the account for 6 years. Therefore, the interest earned on the eighth deposit is:
I8 = 1000*(1+r)^12 - 1000 = 1000*(1.05)^12 - 1000 = 1775.17
For the ninth deposit, the money remained in the account for 5.5 years. Therefore, the interest earned on the ninth deposit is:
I9 = 1000*(1+r)^11 - 1000 = 1000*(1.05)^11 - 1000 = 1648.64
For the tenth deposit, the money remained in the account for 5 years. Therefore, the interest earned on the tenth deposit is:
I10 = 1000*(1+r)^10 - 1000 = 1000*(1.05)^10 - 100
Community Answer
At six months’ intervals A deposited of Rs. 1000 in a savings account ...
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At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760?
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At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760?.
At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760?.
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At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760?, a detailed solution for At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760? has been provided alongside types of At six months’ intervals A deposited of Rs. 1000 in a savings account which credit interest at 10% p.a., compounded semi-annually. The first deposit was made when A’s son was 6 months old and last deposit was made when his son was 8 years old. The money remained in the account and was presented to the son on his 10th birthday. How much did he receive? (1.06)16 = 2.1829) (a) Rs.25740 (b) Rs.23740 (c) Rs.25860 (d) Rs.25760? theory, EduRev gives you an
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