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
* 8,100; find the time (in years) of this
Recurring Deposit Account.
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Answer 1

Step-by-step explanation:

HEY MATE........

$p = 300 \: per \: month \: \: \\ \\ r = 12\% \\ \\ m.v = 1800 \\ \\ maturity \: value \: = (1 + \frac{n + 1 \times 12}{2400}) \times n \times (300) \\ \\ 27 = n + \frac{ {n}^{2} + n}{200} \\ \\ = {n}^{2} + 201n - 5400 = 0 \\ \\ (n - 24)(n + 225) = 0 \\ \\ n = - 225 \\ \\ n = 24months = 2years$

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Answer 2

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