Question

2. Ms. Swati has a
4 points
recurring deposit
account in a bank for 4
years at 10% p.a. rate of
interest. If she gets Rs
21,560 as interest at the
time of maturity, find:(i)
The monthly installment
paid by Ms. Swati (ii) The
amount of maturity of
this recurring deposit
account. (04 MARKS)​

Answer 1

Step-by-step explanation:

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Answer 2

Step-by-step explanation:

Given Ms. Swati has a recurring deposit  account in a bank for 4  years at 10% p.a. rate of  interest. If she gets Rs  21,560 as interest at the

time of maturity, find: (i)  The monthly installment  paid by Ms. Swati (ii) The  amount of maturity of  this recurring deposit  account

• Interest received by Swati on Recurring deposit is Rs 21,560
• Rate of interest = 10 % p.a
• Time = 4 years = 12 x 4 = 48 months
• Let the monthly instalment be m
•  Now total Principal = m x n(n + 1) / 2
•                                    = m x 48 (48 + 1) / 2
•                                    = m x 48 x 49 / 2
•                                    = 1176 m
•      Now interest = P x R X T / 100
•                             = 1176 m x 10 x 1 / 100 x 12
•                              = 9.8 m
•              So 9.8 m = 21,560
•             Or m = 21,560 / 9.8
•             Or m = Rs 2200
• Therefore the monthly instalment will be Rs 2200

Reference link will be

https://brainly.in/question/21069841