Question

11. Mr Rathod opened a recurring deposit account in a bank paying 12% p.a. At the end of 2 years, he received ₹ 6750. Calculate the monthly deposit.​

Answer 1

Given:

Mr Rathod opened a recurring deposit account in a bank paying 12% p.a. At the end of 2 years, he received ₹ 6750.

To find:

The monthly deposit.​

Solution:

The amount received at maturity = Rs. 6750

The no. of months, n = 24

The rate of interest = 12% p.a.

Let "P" represents the monthly deposit paid by Mr. Rathod.

We know,

$\boxed{\bold{S.I. = P \times \frac{n(n+1)}{2} \times \frac{1}{12}\times \frac{R }{100} }}\\\\\boxed{\bold{Maturity \:value = nP + S.I.}}$

Now, by combining the above two formulas, we get

$Maturity \:value = nP + \bigg(P \times \frac{n(n+1)}{2} \times \frac{1}{12}\times \frac{R }{100}\bigg)$

on substituting the given values of n, P, R and maturity value, we get

$\implies 6750 = 24P + \bigg(P \times \frac{24(24+1)}{2} \times \frac{1}{12}\times \frac{12 }{100}\bigg)$

$\implies 6750 = 24P + \bigg(P \times \frac{24(25)}{2} \times \frac{1 }{100}\bigg)$

$\implies 6750 = 24P + \bigg(P \times \frac{24}{2} \times \frac{1 }{4}\bigg)$

$\implies 6750 = 24P +3P$

$\implies 6750 = 27P$

$\implies \bold{ P = Rs. \:250}$

Thus, the monthly deposit is → Rs. 250.

------------------------------------------------------------------------------------------

Also View:

David open a recurring deposit account in a bank and deposit 300 per month for 2 years. if he received 7725 at the time of maturity, find the rate of interest per annum.

brainly.in/question/4698355

Samita has a recurring deposit account in a bank of Rs.2000 per month at the rate of 10%p.a. If she gets Rs.83100 at the time of maturity, find the total time for wch the account was held.

brainly.in/question/3504859