00:01
Hello, let's have a look at the question.
00:04
So here we will be using the formula a is equal to p multiplied with 1 plus r divided by 12 and to the whole power 12t where a is the future value which is given in the question as 5 lakh dollars and r is the interest rate which is given in the question as 3 % or we can write this as 3 divided by 100, that is 0 .03.
00:41
Then, p is the principal value which we had to find here, and t is the time in years, which is given as 20.
00:56
So now let us put the values in the formula.
00:59
So we will get here 5 lakh is equals to p multiplied with 1 plus 0 .03 .0 .000.
01:09
Divided by 12 and to the whole power 12 multiplied with 20.
01:13
So here we will get 5 lakh is equals to p multiplied with 12 .03 divided by 12 to the whole power 240.
01:26
Now here p will be equals to 5 lakh divided by 1 .820755.
01:36
So the value for the principle will be equals to 2 .74 ,611 .36.
01:47
Therefore, we can say that the per month payment is equals to 274611 .36 divided by 240, that is equals to 1 ,144144 .21, which is approximation.
02:08
Therefore, this is the deposited amount each month.
02:13
Now, without the interest, the deposited amount is the principal amount...