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For a CTD of Rs. 10 per month a bank gives Rs. 761 after 60 months. What sum is given by this bank for a CTD of Rs. 40 after 5 years?

For a CTD of Rs. 10 per month a bank gives Rs. 761 after 60 months. What sum is given by this bank for a CTD of Rs. 40 after 5 years? Correct Answer 3,044 Rs.

Formula used:

Simple Interest = (P × R × T)/100

Where, P = Principal

R = Rate 

T = Time

Concept used:

1 months = 1/12 yreas

60 months = 60 × 1/12 yreas = 5 years.

Calculation:

According to the question:

If he deposit Rs. 10 per month, then after 1 year total deposit = Rs. 10 × 12 = Rs. 120

Interst gained = 761 - 120 = Rs. 64

Interest = (P × R × T)/100

⇒ 641 = (120 × 5 × R)/100

⇒ R = 641/6% per annum

Again,

If If he deposit Rs. 40 per month, then after 1 year total deposit = Rs. 40 × 12 = Rs. 480

Interest = (P × R × T)/100

⇒ I = (480 × 5 × 641)/6 × 100 = Rs. 2564.

Now, Amount after 5 years = Rs. 2564 + Rs. 480 = Rs. 3044

∴ The Sum gained after 5 years is Rs. 3044.

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