How does money double?
Talking about the calculation of doubling of money in this scheme, it is very easy. Actually, in this Govt Scheme, interest on the investment amount is calculated on the basis of compounding. If we understand from the example of investment of Rs 1 lakh, then on the basis of 7.5 percent interest on investing this amount, the interest received on it at the end of the first year will be Rs 7500 and this amount will be added to the principal amount for the next year and the amount will increase to Rs 1,07,500. Now the interest on this amount will be Rs 8,062 in the second year. This amount will be added to the principal amount for the third year and will become Rs 1,15,562. Similarly, the amount will continue to increase in the coming years. Similarly, if we look at Rs 5 lakh, it becomes Rs 5.37 lakh in the first year, Rs 5.77 lakh in the second year, Rs 7.17 lakh in the fifth year, Rs 8.91 lakh in the 8th year and Rs 10 lakh in 9 years and 7 months. You can earn more profits with more investment. (Photo: ITG)
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