Question

Women's' Meenkar Bank'
The meeting of the Meenkar Bank has just begun. Fazila is the president. Twenty fisherwomen have made their own bank. Each saves Rs 25 every month and puts it in the bank.
• How much money does the group collect each month?
• How much money will be collected in ten years?

Answer 1

• Number of fisherwomen who join the bank = 20

Money saved by each of them every month = Rs 25
Total money collected in a month = Rs 25 $\times$ 20
= Rs 500

Thus, 20 women save Rs 500 every month.

• Now, 1 year = 12 months

10 years = 12 months $\times$ 10
= 120 months

Total money saved in 10 years = Rs 500 $\times$ 120
= Rs 60,000

Rs 60,000 will be collected in 10 years.