Ajit opens a bank account by depositing Rs $20, 000$ . At the end of each year, he withdraws a sum of money that makes the balance exactly half of what it was in the beginning of the year. If the bank pays $10 %$ interest, what is the total amount withdrawn by Ajit at the end of three years?

17, 856

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20, 377

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18, 330

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19, 400

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Solution

The correct option is B Rs $20, 377$
$D e p o s i t i n g a m o u n t = R s 20000, A m o u n t a f t e r 1 y e a r = 1.1 * 20000 = R s 22000, A m o u n t w i t h d r a w n = a m o u n t l e f t = 0.5 * 22000 = R s 11000 A m o u n t a f t e r 2 y e a r = 1.1 * 11000 = R s 12100, A m o u n t w i t h d r a w n = a m o u n t l e f t = 0.5 * 12100 = R s 6050 A m o u n t a f t e r 3 y e a r = 1.1 * 6050 = R s 6655, A m o u n t w i t h d r a w n = a m o u n t l e f t = 0.5 * 6655 = R s 3327.5 T o t a l a m o u n t w i t h d r a w n = R s 3327.5 + 6050 + 11000 = R s 20377.5$

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Ajit opens a bank account by depositing Rs 20,000. At the end of each year, he withdraws a sum of money that makes the balance exactly half of what it was in the beginning of the year. If the bank pays 10% interest, what is the total amount withdrawn by Ajit at the end of three years?

Ajit opens a bank account by depositing Rs $20, 000$ . At the end of each year, he withdraws a sum of money that makes the balance exactly half of what it was in the beginning of the year. If the bank pays $10 %$ interest, what is the total amount withdrawn by Ajit at the end of three years?