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Suppose each year the man puts aside (saves) P amount of money.

At the end of 1st year the accumulated capital = P (1+ 5/100) = 1.05 P At the end of 1st year he save an additional amount: P So total amount of savings at the end of 1st year: P+1.05P = 2.05 P

At the end of 2nd year the accumulated capital : 2.05P(1+5/100) = 2.05 * 1.05 P At the end of 2nd year he save an additional amount: P So total amount of savings at the end of 2nd year: 2.1525P+P = 3.1525 P

At the end of 3nd year the accumulated capital : 3.1525P(1+5/100) = 3.310125 P He puts aside an amount = P

Total amount = P+3.310125 P = 4.310125 P = Rs 50,400

P = Rs 11,693.40 ===================================== Another way: Accumulated capital = P(1+5/100)³ + P(1+5/100)²+P(1+5/100)+P = 4.310125 P ========================================= If the man does not add an amount P at the end of the 3rd year, then answer will be different: 3.310125 P = Rs 50,400 P = Rs 15,226

Let he aside sum of amount = x After one year he have total amount = = He adds again his saving amount so, the total amount at starting of second year = = Again he got compound interest, so he has amount = = Now he adds his saving , so he has total amount at the end of three year =

= And given he has 50,440 at the end of three year , so = = So he had set aside Rs 16,000 per year.