Interest 6.95 , 444 days then what amount will give me monthly 200 rs payout
To receive a monthly payout of ₹200 at an interest rate of 6.95\% for a tenure of 444 days, the amount you need to invest is approximately: ₹34,732 Breakdown of the Calculation: This interest rate and tenure typically correspond to the SBI Amrit Vrishti scheme (specifically for Senior Citizens). * Why this amount? In most Indian banks (like SBI), monthly interest is paid at a discounted rate. Since the standard interest is compounded quarterly, receiving it monthly means you get it slightly earlier, so the bank adjusts the payout. * Calculation: Principal = \frac{Monthly\ Payout}{(1 + \frac{Rate}{400})^{1/3} - 1} * Result: ₹34,731.60 \approx ₹34,732 * Simple Interest Comparison: If the bank were to pay simple interest (Annual\ Interest \div 12), you would only need ₹34,533. However, due to the discounting mentioned above, investing ₹34,732 ensures you get exactly ₹200 every month. * Total Tenure Summary (444 Day...