IPMAT Indore 2023
Arithmetic
Simple & Compound Interest
Medium
Assume it is the beginning of the year today. Ankita will earn INR 10,000 at the end of the year, which she plans to invest in a bank deposit immediately at a fixed simple interest of 0.5% per annum. Her yearly income will increase by INR 10,000 every year, and the fixed simple interest offered by the bank on new deposits will also increase by 0.5% per annum every year. If Ankita continues to invest all her yearly income in new bank deposits at the end of each year, the total interest earned by her, in INR, in five years from today will be
Assume it is the beginning of the year today. Ankita will earn INR 10,000 at the end of the year, which she plans to invest in a bank deposit immediately at a fixed simple interest of 0.5% per annum. Her yearly income will increase by INR 10,000 every year, and the fixed simple interest offered by the bank on new deposits will also increase by 0.5% per annum every year. If Ankita continues to invest all her yearly income in new bank deposits at the end of each year, the total interest earned by her, in INR, in five years from today will be
Entered answer:
Correct Answer: 2500
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