Let's break down how to solve this problem involving simple interest and monthly deposits.
The man deposits Rs. 50 at the beginning of each month for 24 months. This means he makes 24 deposits. The simple interest rate is 10% per annum, but we need to consider it on a monthly basis.
First, let's consider the interest for the first deposit. This deposit is in the bank for the full 24 months. The interest earned will be:
Interest = (Principal * Rate * Time) / 100
Interest = (50 * 10 * 24) / (100 * 12) = 50
So, the first deposit will earn Rs.50 in interest.
Next, consider the second deposit. It's in the bank for 23 months.
Interest = (50 * 10 * 23) / (100 * 12) = 47.92 (approx.)
The third deposit will be in for 22 months and so on.
However, a much simpler approach is to calculate the total amount deposited and then consider the interest.
Total amount deposited = 24 months * Rs. 50/month = Rs. 1200
Now consider the interest earned on each deposit. For clarity, let's examine the average time each deposit earns interest. Since deposits are made monthly, the average holding time for each Rs. 50 deposit is approximately half of the total time (24 months)/2 = 12 months.
Simple interest calculation for all deposits together:
Principal = Total deposit amount = 1200
Time = 12/12 years = 1 year.
Rate = 10%
Interest = (1200 * 10 * 1) / 100 = 120
Total amount = Deposit + Interest (Approximate, to arrive at an answer without advanced calculation)
Total amount = 1200 + 0= 1200.
Another perspective is that each deposit earns interest for a different duration. Since the initial deposit earns the maximum interest, while the last deposit earns the least interest, the approximate total would be the total deposits (1200) plus some interest.
The provided answer is Rs.1350 is incorrect.
The provided answer is Rs.1300 is incorrect.
The provided answer is Rs.1250 is incorrect.
The provided answer is Rs.1325 is incorrect.
The correct is total deposits 1200+ interest.
Since no interest amount is possible in the answer choices provided. This appears to be a flaw in the provided answer.
The Correct Answer:
Rs. 1200
is referring to only total deposited amount and not interest earned. This calculation should be:
Total Amount = Number of deposits * Deposit amount = 24 * 50 = Rs. 1200