A man deposits a sum of money in standing of every year till 4 years. After 4 years Rs.10800 were deposited in his account. Find the sum of money deposit by the man every year if the rate of interest is 5% p.a.
Answer & explanation
Correct answer: option 2
Amount = Principal + Interest
10800 = P + \(\frac{P × 5 × 4}{100}\)
10800 = \(\frac{6P}{5}\)
P = 9000