A gentleman buys every year Bank’s cash certificates of value exceeding the last year’s purchase by ₹250. After 20 years, he finds the total

Question

A gentleman buys every year Bank’s cash certificates of value exceeding the last year’s purchase by ₹250. After 20 years, he finds the total value of purchased certificates by him is ₹72500. Find the value of the certificates purchased by him : (a) in the first year (b) in the 13th years.
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Julia 1 month 2021-08-18T04:07:03+00:00 1 Answer 0 views 0

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    2021-08-18T04:08:27+00:00

    Answer:

    Let the value of the certificates purchased in the first year be Rs.a.

    The difference between the value of the certificates is Rs. 300(d=300).

    Since, it follows Arithmetic progression the total value of the certificates after 20 years is given by

    Sn = n/2 [2a−(n−1)d]= 20/2 [2a+19(300)]=8300

    By simplifying we get 2a+5700=8300.

    Therefore, a=Rs.1300.

    The value of the certificates purchased by him in nth year =a+(n−1)d.

    Therefore, the value of the certificates purchased by him in 13th year =1300+(13−1)300=Rs.4900.

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