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Complete Question
Jessie needs ₹1,70,000 for her College admissions in the starting of January 2021. Her mother helped her by creating a fund of ₹12,000 in the end of January 2019. Thereafter she has been collecting ₹5500 in the starting of each month for Jessie’s college fund. How much money will be collected in the fund before Jessie’s admissions?
Option 1:
₹(12000 + 11(5500))
Option 2:
₹(5500 + 11(12000))
Option 3:
₹(12000 + 23(5500))
Option 4:
₹(5500 + 23(12000))
Answer:
Option 3:
₹(12000 + 23(5500))
Step-by-step explanation:
In the question above, the total amount of money Jessie needs = ₹1,70,000
Admission starts January 2021.
In January 2019, Jessie's mom started a fund of ₹12,000, and every month after she collected ₹5500 in Jessie's college fund.
The number of months remaining is from February 2019 - December 2020
February 2019 - January 2020 = 12 months
February 2020 - December 2020= 11 Months
Add the total months = 11 Months + 12 Months
= 23 months.
She has been depositing ₹5500 for the 23 months with an initial deposit of ₹12,000
The amount of money that will be collected in the fund before Jessie’s admissions is calculated as:
₹12,000 + 23(₹5500)
= ₹12,000 + ₹126500
= ₹ 138,500
Therefore, the amount of money that will be collected in the fund before Jessie’s admissions is ₹ 138,500 or Option 3) ₹(12,000 + 23(5500))
