) Mr. Satish Sharma gets Rs 6,455 at the end of one year at the rate o

1.	) Mr. Satish Sharma gets Rs 6,455 at the end of one year at the rate of 14% per annum ina recurring deposit account. Find the monthly instalment.
Answer» For recurring depositMaturity value= (1 + (n+1)R/2400)nP Where Maturity value = 6455, R = 14, n = 12, P = monthly installment 6455 = (1 + (12+1)14/2400)12P6455 = (1 + 1314/2400)12P6455 =[ (2400 + 182)/200]PP = (6455200)/2582 = (12910/2582)100 = 5100 = 500 Monthly Installment is Rs 500

) Mr. Satish Sharma gets Rs 6,455 at the end of one year at the rate of 14% per annum ina recurring deposit account. Find the monthly instalment.

Answer»

For recurring depositMaturity value= (1 + (n+1)R/2400)nP

Where Maturity value = 6455, R = 14, n = 12, P = monthly installment

6455 = (1 + (12+1)*14/2400)*12*P6455 = (1 + 13*14/2400)*12P6455 =[ (2400 + 182)/200]PP = (6455*200)/2582 = (12910/2582)*100 = 5*100 = 500

Monthly Installment is Rs 500