Question
"Zampa invested Rs.__________ in an SBI Contra fund with
a 20% annual compound interest, compounded annually. At the end of each year, the bank deducts a 10% tax from his earnings. Consequently, the entire amount in his bank account after two years is Rs. ______. "Which set of values, from the following options, can be placed in the blanks in the same order as listed to make the statement true: I. 50,000, 58320 II. 30,000, 41,772 III. 25,000, 34,810 You need to select the option where the values fit correctly in the statement."Solution
ATQ, For I case: Interest earned by Zampa in the first year = 50000 × 0.2 = Rs. 10,000 Tax deducted by bank = 10000 × 0.1 = Rs. 1,000 So, amount in the account at the end of first year = 50000 + 10000 - 1000 = Rs. 59,000 Now, interest earned by Zampa in the second year = 59000 × 0.2 = Rs. 11,800 So, tax deducted = 11800 × 0.1 = Rs. 1,180 So, amount in the account at the end of second year = 59000 + 11800 - 1180 = Rs. 69,620 So, I case is not true. For II case: Interest earned in the first year by Zampa = 30000 × 0.2 = Rs. 6,000 Tax deducted = 6000 × 0.1 = Rs. 600 So, amount in the account at the end of first year = 30000 + 6000 - 600 = Rs. 35,400 Now, interest earned in the second year = 35400 X 0.2 = Rs. 7,080 So, tax deducted = 7080 × 0.1 = Rs. 708 So, amount in the account at the end of second year = 35400 + 7080 - 708 = Rs. 41,772 So, II case is true. For III case: Interest earned in the first year = 25000 × 0.2 = Rs. 5,000 Tax deducted = 5000 × 0.1 = Rs. 500 So, amount in the account at the end of first year = 25000 + 5000 - 500 = Rs. 29,500 Now, interest earned in the second year = 29500 × 0.2 = Rs. 5,900 So, tax deducted = 5900 × 0.1 = Rs. 590 So, amount in the account at the end of second year = 29500 + 5900 - 590 = Rs. 34,810 So, III case is true.
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