Question

10. Mr. Gulati has a Recurring Deposit Account of
300 per month. If the rate of interest is 12%
and the maturity value of this account is
78,100; find the time in years) of this
Recurring Deposit Account.​

Answer 1

just apply the formula

first applying the formula of interest use principal rs 300 rate of interest is 12% and number of months as n.

you will get the value of interest in terms of n

now taking the value of maturity value as 78100, apply apply the formul of maturity value where where uh 78100 will be equal to 300n + the value got as interest.

finding the equation you will get the value of time in months.

then divided by 12 to find it in year

thank you hope it helps you

you will get the answer as much points you give.

Answer 2

your MV was wrong it should be 8100 please check!!!!!!