Question

A man deposits ₹ 200 per month in a reccuring deposit account at 9 % p.a and earned a
total interest of ₹ 1764. Find how many years he paid ​

Answer 1

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Answer 2

Answer:

Answer is 24.

Step-by-step explanation:

SOLUTION

Given,

Monthly installment (P) = ₹200

Rate of interest (r) = 7%

Maturity values (MV) = ₹5150

Let the number of months be n.

SO,

MV = P(n) + [Pn (n + 1)/2 × r/100 × 1/12]

=> 5150 = (200n) + [200n (n + 1)/2 × 7/100 × 1/12]

=> 5150 = 200n + 7n(n + 1)/12

=> 61800 = 2400n + 7n² + 7n

=> 7n² + 2407n - 61800 = 0

=> 7n² + 2557n - 168n - 61800 = 0

=> (7n + 2527) (n - 24) = 0

=> n = -2527/7 or n

Since,

n cannot be negative.

So,

n = 24

Hence,

the number of installments is 24.