Question

10. Punam opened a recurring deposit account with Bank of Baroda for 12 years. If the rate
of interest is 6% per annum and the bank pays 11313 on maturity, find how much Punam
deposited each month?​

Answer 1

Given :

The time period for deposition = t = 12 years

The rate of interest = r = 6% per annum

The maturity amount = Rs 11313

To Find :

The Amount deposited by Punam each month

Solution :

Number of month = n = 12 × 12 = 144

∵   Interest Amount = Principal × $\dfrac{n(n+1)}{2}$ × $\dfrac{Rate\times Time}{100}$  

                                                                                  were n = number of month

Or, I = P × $\dfrac{144(144+1)}{2}$ × $\dfrac{6\times 1}{12\times 100}$

Or, I = P×  $\dfrac{144(144+1)}{2}$ × $\dfrac{6}{1200}$

Or, I = P × $\dfrac{144\times 145}{ 2}$ × $\dfrac{6}{1200}$

Or, I = P × 52.2

Again

∵ Maturity value = Money deposited × number of months+ Interest

i.e  M.V = P × n + I

Or, Rs 11313 = Rs P × 144 +   P × 52.2

Or,  11313 = 196.2 P

∴           P = $\dfrac{11313}{196.2}$

i.e Money deposited = P = Rs 57.66

Hence, The Amount of money that Punam deposited each month is Rs 57.66  Answer

Answer 2

Step-by-step explanation:

The answer given above by some other student/person is absolutely wrong

I am a math expert

Trust Me !