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To get a maturity value of ₹ 65,592 at the rate of 9% with the monthly instalment of ₹ 1,600, whatshould be the time period of the account? |
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Answer» Given : a MATURITY value of ₹ 65,592 at the rate of 9% with the monthly instalment of ₹ 1,600 To FIND : what should be the time period of the account? Solution: Monthly installments = ₹ 1,600 Let SAY n month is time period => Amount invested = 1600n interest for amount deposited 1st month = 1600 * 9 * n/12) /100 = 12n interest for amount deposited 2nd month = 1600 * 9 * ((n-1)/12) /100 = 12(n-1) Total amount = 1600n + 12n + 12(n-1) +......................12 = 1600n + 12 ( n + (n-1) + ............ + 1) = 1600n + 12 n(n+1)/2 = 1600 n+ 6n² + 6n 6n² + 1606n = 65592 => 6n² + 1606n - 65592 = 0 =>3n² +803n - 32796 = 0 => n = 36 time period of the account = 36 months Learn more: Dinesh has a recurring deposit account in a bank for 3.5 years at 9.5 ... Ebuka's monthly rent is $750$750dollar sign, 750. If Ebuka pays the ... |
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