Exercise 1

Ankita started paying Rs. 400 per month in a 3 years recurring deposit. After six months her brother Anshul started paying Rs. 500 per month in a 2 ½ years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?

Case 1 – Ankita Amount deposited per month \[~=\text{ }Rs.\text{ }400\] Period (n) \[=\text{ }3\text{ }years\] \[=\text{ }36\text{ }months\] Rate of interest \[=\text{ }10%\] Since, Total principal...

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