8. Renu has a cumulative deposit account of
200 per month at 10% per annum. If she gets
6775 at the time of maturity, find the total time
for which the account was held.
Answers
Answer:
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Step-by-step explanation:
Renu deposited 200 Rs. for 30 months.
Step-by-step explanation:
Let the account was held for n months.
The amount of monthly deposit 'P' = 200
Rate of interest
Maturity value = deposited amount + interest
Use quadratic formula for a = -0.834 b = -200.834 c = 6775
n = -271, 30
cumulative months can not be in negative form,
therefore, n = 30
Renu deposited 200 Rs. for 30 months.
Answer:
Time(n)= 30 months
Step-by-step explanation:
Maturity value=MV=Rs 6775
Sum=P=Rs 200
Rate of interest =R or RI= 10%
MV= P X n(n+1) X R + P X n
________ _____
2*12 100
6775= 200 X n^2+n X 10 + 200n
__________ ______
2*12 100
40650= 1200n+5n^2+5n
5n^2+1205n-40650=0
n^2+241n-8130=0
S=241
Product=-8130
n^2+271n-30n-8130=0
n(n+271)-30(n+271)
n=30; n=-271
hence, n= 30 months
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