Question

A man's monthly income is Rs.34475. He opens a savings account with an initial deposit amount of Rs. 5000 on 1^st January 2010.He invested in systematic investment plan where Rs. 15000 would be deducted from his salary account on the 20^th of every month. Salary is credited on 3^rd of every month. First investment was done on 20^th February 2010. What is the balance money in his account on 25^th​ May 2010

Answer 1

Answer :

Given : A man's monthly income is Rs.34475. He opens a savings account with an initial deposit amount of Rs. 5000 on 1^st January 2010.
So,
Balance on his account on 2^nd January 2010 = 34475 - 5000 = Rs . 29475

Salary is credited on 3rd of every month. , So

Balance on his account on 3^rd January 2010 = 29475 + 34475 = Rs . 63950

And

Rs. 15000 would be deducted from his salary account on the 20^th of every month.First investment was done on 20^th February 2010.


Balance on his account on 3^rd February 2010 = 63950 + 34475 = Rs . 98425

And

Balance on his account on 20^th February 2010 = 98425 - 15000 = Rs . 83425 ,

Balance on his account on 3^rd March 2010 = 83425 + 34475 = Rs . 117900

And

Balance on his account on 20^th March 2010 = 117900 - 15000 = Rs . 102900 ,

Balance on his account on 3^rd April 2010 = 102900 + 34475 = Rs . 137375

And

Balance on his account on 20^th April 2010 = 137375 - 15000 = Rs . 122375

And

Balance on his account on 3^rd May 2010 = 122375 + 34475 = Rs . 156850

And

Balance on his account on 20^th May 2010 = 156850 - 15000 = Rs . 141850

Therefore ,

Balance on his account on 25^th May 2010 = Rs . 141850 ( Ans )