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B.Radha opens a recurring deposit account with a bank for a certain sumof amount for a period of 2 years. The bank pays interest at the rate of10% p.a. If she gets Rs.66,250 as the maturity value of the account, howmuch installment does she pay every month? |
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Answer» Step-by-step explanation: What would you like to ask? MATHS Mr. Britto deposits a CERTAIN sum of money each month in a Recurring Deposit Account of a bank. If the RATE of interest is of 8% PER annum and Mr. Britto gets Rs. 8088 from the bank after 3 years, find the value of his monthly instalment. Share Study later VIDEO EXPLANATION ANSWER Let the monthly instalment be Rs. x Given: Maturity amount=Rs. 8,088, Time (n)=3 years=3×12 months =36 months, Rate (R)=8% p.a. Principle for one month=P× 2 n(n+1)
= 2 x×36×37
=18×37x Interest = 100×12 18×37x×8×1
[∵I= 100 PRT
] = 100 444x
Actual sum deposited =36x Maturity amount = Interest + Actual sum deposited 8,088= 100 444x
+36x 8,088= 100 4,044x
∴x= 4,044 8,088×100
=200 Hence, the monthly instalment be Rs. 200. |
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