Please explain this question with proper solution
Dear Student,
If the amount is withdrawn at the end of every month, average period will be = (Months left after 1st drawing + moths left after last drawing) / 2
Average period = (11+0) / 2 = 11/2
Let the amount of drawings = Y
Interest on drawings = Y x (10/100) x (11/2) x (1/12)
2,750 = Y x (10/100) x (11/2) x (1/12)
Y = (2,750 x 100 x 2 x 12) / (10 x 11)
Y = Rs.60,000
Amount of Drawings = Rs.60,000
Regards
If the amount is withdrawn at the end of every month, average period will be = (Months left after 1st drawing + moths left after last drawing) / 2
Average period = (11+0) / 2 = 11/2
Let the amount of drawings = Y
Interest on drawings = Y x (10/100) x (11/2) x (1/12)
2,750 = Y x (10/100) x (11/2) x (1/12)
Y = (2,750 x 100 x 2 x 12) / (10 x 11)
Y = Rs.60,000
Amount of Drawings = Rs.60,000
Regards