Question

Mrs. Kapoor opened a bank account on 01/01/2010 with Rs. 24,000. If the bank pays 10% per annum and she deposited Rs. 4,000 at the end of each year, find the amount in her account on 01/01/2012.

• A. 0
• B. Rs. 37,440
• C. Rs. 20,440
• D. Rs. 17,440

Answer 1

The correct option is B Rs. 37,440

Principal for the year 2010=Rs.24,000

Rate of interest=10%

$\therefore Interest=\frac{24000\times 1\times 10}{100}=Rs.2400$

Then the amount on Dec 2010=$Rs.24000+2400=Rs.26400$

At the end of the year Mrs.Kapoor deposited Rs.4000

$\therefore$ Amount at the end of the 2010$=26400+4000=Rs.30400$

Principal for the year 2011=Rs.30400

$\therefore interest=\frac{30400\times 1\times 10}{100}=Rs.3040$

Then the amount on Dec 2011=$Rs.30400+3040=Rs.33440$

At the end of the year Mrs.Kapoor deposited Rs.4000

$\therefore$ Amount at the end of the 2011$=33440+4000=Rs.37440$

$\therefore$Amount in her account on 01\01\2012=Rs.37440