A trust donates money to a library following this pattern: Rs 12,000 in the first…
MATHEMATICS · Subjective · A Level · Mathematics · Sequences and series · Sequences and series
Problem
A trust donates money to a library following this pattern: Rs 12,000 in the first year and thereafter the amount forms a geometric progression with common ratio 1.2 for the next three years. From the fifth year onwards the yearly donation again follows a geometric pattern but now with common ratio 1.05 starting from the amount donated in the fourth year.
(i) Calculate the total amount donated during the first four years.
(ii) Find the total amount donated during the first seven years.
(iii) If the trust wishes the cumulative donation after seven years not to exceed Rs 1,00,000, comment on whether its present scheme satisfies this condition, supporting your answer with figures.