7. Sudhir opened a recurring deposit account withbank for 15 years. If

1.	7. Sudhir opened a recurring deposit account withbank for 15 years. If the rate of interest is 10% andthe bank pays 1554 on maturity, find how muchdid Sudhir deposit per month?
Answer» For recurring deposit interest can be calculated using the formula SI = P * n(n+1)/212 r/100 Where SI is simple interest, P is the the money deposited per month, n is number of months for which money deposited and r is rate of interest per annum. Therefore,SI = P * 18(18 + 1)/212 10/100= P * (1819)/(212) * 1/10= P * (319)/40= 57P/40 A = Pn + SI1554 = 18P + 57P/401554 = (720 + 57)P/40P = 155440/777P = 240 = 80 Therefore, Sudhir deposit every month Rs. 80

7. Sudhir opened a recurring deposit account withbank for 15 years. If the rate of interest is 10% andthe bank pays 1554 on maturity, find how muchdid Sudhir deposit per month?

Answer»

For recurring deposit interest can be calculated using the formula

SI = P * n(n+1)/2*12 * r/100

Where SI is simple interest, P is the the money deposited per month, n is number of months for which money deposited and r is rate of interest per annum.

Therefore,SI = P * 18(18 + 1)/2*12 * 10/100= P * (18*19)/(2*12) * 1/10= P * (3*19)/40= 57P/40

A = P*n + SI1554 = 18P + 57P/401554 = (720 + 57)P/40P = 1554*40/777P = 2*40 = 80

Therefore, Sudhir deposit every month Rs. 80

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7. Sudhir opened a recurring deposit account withbank for 15 years. If the rate of interest is 10% andthe bank pays 1554 on maturity, find how muchdid Sudhir deposit per month?

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