A donor decides to grant to the students of a college an annual scholarship of Rs. 6,000 for a period of 10 years. What should he deposit in the bank with compound interest at 12% p.a., so that the sum may be sufficient to grant a scholarship? Assume that the scholarship is payable to the students at the end of the year.

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HalfSidePancake HalfSidePancake · Answer 1 · 2021-06-25T04:10:04+02:00

Answer:

14200

Step-by-step explanation:

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anjithaka anjithaka · Answer 2 · 2022-07-30T10:14:19+02:00

The formula of amount be , A = P + SI = P + {(P × R × T)/100} = 14200

Simple interest exists estimated with the following formula:

S.I. = (P × R × T)/100,

where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually computed as the number of years.

The rate of interest is in percentage r% and exists to be noted as r/100.

Given: P = 6000, T = 10 and R = 12

S.I. = (P × R × T)/100

[tex]$SI = (6000*12*10)/100[/tex]

SI = 7200

A = P + SI

A = 6000 + 7200

A = 14200

Therefore, the amount = 14200.

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