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A person closes his account in an investment scheme by withdrawing Rs. 10000. One year ago, he had withdrawn Rs. 6000. Two years ago he had withdrawn Rs. 5000. Three years ago he had not withdrawn any money. How much money had he deposited approximately at the time of opening the account 4 years ago, if the annual rate of compound interest is 10%

A person closes his account in an investment scheme by withdrawing Rs. 10000. One year ago, he had withdrawn Rs. 6000. Two years ago he had withdrawn Rs. 5000. Three years ago he had not withdrawn any money. How much money had he deposited approximately at the time of opening the account 4 years ago, if the annual rate of compound interest is 10% Correct Answer Rs. 15470 

Calculation:

Suppose the person has deposited Rs. X at the time of opening account. After one year, he had

Rs. (x + (x × 10 × 1)/100) = Rs. 11x/10

After two years, he had

Rs. ((11x/10) + (11x/10) × (10 × 1)/100) = 121x/100

After withdrawing Rs 5000 from Rs. 121x, the balance

= Rs. (121x – 500000)/100

After 3 years, he had

(121x – 500000)/100 + (121x – 500000)/100 × (10 × 1)/100

= (11 × (121x – 500000))/1000

After withdrawing 6000 from above, the balance

= Rs. (1331x/1000) – 11500

After 4 years, he had

Rs. (11/10) × ((1331x/1000) – 11500) – 10000 = 0

⇒ Rs. 15470

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