18. Sam retires in 1996. He has an amount of R350 000 available to invest. He decides to buy a second house for 50% of the money, which he lets at an amount of R2000 per month. He increases the rent every year by an amount of R300. The balance of R175 000 he invests in the bank at a rate of 12%. He uses the interest every month to supplement his income, so the interest is not compounded. He also gets a pension of R3000 per month, which is increased by R300 per month every year. What was his monthly income in 1996? (1)

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21-07-2022
Mathematics

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18. Sam retires in 1996. He has an amount of R350 000 available to invest. He decides to buy a second house for 50% of the money, which he lets at an amount of R2000 per month. He increases the rent every year by an amount of R300. The balance of R175 000 he invests in the bank at a rate of 12%. He uses the interest every month to supplement his income, so the interest is not compounded. He also gets a pension of R3000 per month, which is increased by R300 per month every year. What was his monthly income in 1996? (1)

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yogeshkumar49685 yogeshkumar49685 · Answer 1 · 2022-08-02T06:34:49+02:00

If Sam had Rs. 350000 and invested Rs.175000 in house, in bank Rs.175000 and getting 3000 pension then the monthly income was Rs. 6750.

Given that Sam had Rs.350000,investment in house Rs.175000 at a rent of Rs.2000 per month and Rs.175000 in bank at rate of 12%, getting pension of Rs.3000 per month.

We are required to find the monthly income in 1996.

We have assumed that Sam was retired on 1st January, 1996 so the amount of rent, investment in bank and pension did not increase because they had to be increase in a year and we have to calculate the monthly income in which he was retired.

Monthly income=Rent of 1 month+Simple interest of 1 month+Pension per month

=2000+175000*1/100+3000

=2000+1750+3000

=Rs.6750

Hence if Sam had Rs. 350000 and invested Rs.175000 in house, in bank Rs.175000 and getting 3000 pension then the monthly income was Rs. 6750.

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