You tell your dad that you want ₹800₹800₹, 800 as pocket-money every month. He can deposit some money in the bank such that the interest he gets will be equal to the money you need. His bank offers him an interest rate of 6\%6%6, percent per annum.
How much money should he deposit in the bank?

160,000

Step-by-step explanation:

1 / 4

To find how much your dad must deposit, let's first find how much pocket-money you need in 111 year.

[Why do I need to find it for one year?]

116 \%6, percent11

Hint #22 / 4

In 111 month, you need ₹800₹800₹, 800.

So, in 111 year or \blueD{12}12start color #11accd, 12, end color #11accd months, you will need \blueD{12} \times ₹800 = \purpleC{₹9600}12×₹800=₹9600start color #11accd, 12, end color #11accd, times, ₹, 800, equals, start color #aa87ff, ₹, 9600, end color #aa87ff.

Hint #33 / 4

Your dad gets 6\%6%6, percent of the money he deposits as interest every year.

Let's find 6\%6%6, percent of which number equals \purpleC{₹9600}₹9600start color #aa87ff, ₹, 9600, end color #aa87ff.

\begin{aligned} 6 \redD{\%} \text{ of deposit} &= \purpleC{₹9600} \dfrac{6}{\redD{100}} \times \text{deposit} &= \purpleC{₹9600} \text{deposit} &= (\purpleC{₹9600} \times \dfrac{\redD{100}}{6}) \end{aligned}

6% of deposit

100

6

×deposit

deposit

=₹9600

=₹9600

=(₹9600×

6

100

)

Hint #44 / 4

Your dad should deposit ₹1{,}60{,}000₹1,60,000₹, 1, comma, 60, comma, 000 in the bank.