Ram had ₹ 1000 in his Savings Bank Account. Every month in the first week he needs money, so he withdraws ₹ 500, but by the end of the month, he deposits ₹ 750. After how many months the original amount will grow three times?
(a)6 months
(b)7 months
(c)8 months
(d)9 months
Answer
Answer (as printed): C
Explanation
For the money to grow 3 times, Ram needs to deposit ₹ $(3000-1000)=₹ 2000$. A net amount of ₹ $(750-500)=₹ 250$ is deposited in 1 month. So, a net amount of ₹ 2000 will be deposited in $\left(\frac{2000}{250}\right)=8$ months.
Explanation as extracted from the printed page; notation may be imperfect.