a man saves 500 rupees in the first month and English his monthly savings by 100 every month fine is savings in the 12th month the total amount saved in 12 months the minimum number of months required for his total savings to exceed 20000 rupees
Answer: (i) Savings in the 12th month = ₹1,600 (ii) Total amount saved in 12 months = ₹12,600 (iii) Minimum number of months to exceed ₹20,000 = 17 months
Step-by-step solution
Step 1: Identify the arithmetic progression
The savings in consecutive months are ₹500, ₹600, ₹700, and so on. Since the monthly savings increase by a fixed amount of ₹100 each month, this forms an Arithmetic Progression with first term and common difference .
Step 2: Find the savings in the 12th month
We use the term formula . Substituting , , and , his savings in the 12th month is ₹1,600.
Step 3: Find the total amount saved in 12 months
We use the sum formula . Substituting , , and , the total amount saved in 12 months is ₹12,600.
Step 4: Set up the inequality for total savings to exceed ₹20,000
For the total savings to exceed ₹20,000, we set . Simplifying the expression inside gives , which reduces to , or .
Step 5: Find the minimum number of months
Solving the equation by factoring, we get . Since must be a positive integer, . At , the total savings is exactly rupees. Therefore, for the total savings to strictly exceed ₹20,000, the minimum number of months required is 17.