10. Mr. R.K. Nair gets 6455 at the end of one year at the rate of 14% per annum
recurring deposit account. Find the monthly instalment.
(1) the monthly instalment
(ii) the amount of maturity.
11. Samita h
of 72000 per month at the rate of
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Think of ₹ P as a monthly in stallment
Duration (x) = 1 year = 12 months
We know that
Total monthly head = = × (x (x + 1)] / 2
Enter the value of x
= P × (12 × 13) / 2
With continuous calculation
= 78P
Interest = PRT / 100
Pricing
= (78P × 14 × 1) / (100 × 12)
So we get it
= 0.91P
So the maturity value = P × x + SI
6455 = P × 12 + 0.91P
6455 = 12.91P
With continuous calculation
P = 6455 / 12.91 = ₹ 500
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