Question

A man deposits Rs. 200 per month in a recurring deposit account at 9p.a and earned a total interest of Rs. 1764

Answer 1

Complete Question:

A man deposits Rs. 200 per month in a recurring deposit account at 9% p.a and earned a total interest of Rs. 1764. How many monthly deposits does the man pay?​

Given:

A man deposits Rs. 200 per month in a recurring deposit account at 9p.a and earned a total interest of Rs. 1764.

To find:

How many monthly deposits does the man pay?​

Solution:

The monthly deposit of the man = Rs. 200

The rate of interest, R = 9%

The total interest earned = Rs. 1764

Let "n" represents the no. of months the monthly deposits are to be paid.

∴ The total money deposited is,

= [Monthly amount] × [number of months]

= Rs. 200 × n

= Rs. 200n

Also,

The principal for 1 month will be = $200 \times \frac{n(n+1)}{2} = 100n(n+1) = 100n^2 + 100n$

We know,

$\boxed{\bold{S.I. = Principal \:for\:1\:month \times \frac{ R}{12 }\times \frac{1}{100} }}$

Therefore, by using the above formula, we get the equation as,

$1764 = (100n^2 + 100n) \times \frac{ 9}{12 }\times \frac{1}{100} }}$

$\implies 1764 = 100 (n^2 + n) \times \frac{ 9}{12 }\times \frac{1}{100}$

$\implies n^2 + n = \frac{1764 \times 12 }{9}$

$\implies n^2 + n = 2352$

$\implies n^2 + n - 2352 = 0$

$\implies n^2 + 49n -48n - 2352 = 0$

$\implies n(n+49) - 48 (n + 49) = 0$

$\implies (n+49) (n - 48) = 0$

$\implies n= -49 \:or\: n = 48$

since no. of months cannot be negative

∴ $\bold{n = 48}$

Thus, the man paid 48 monthly deposits.

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

Also View:

In the recurring deposit account, the monthly deposit RS. 2,500 and the maturity amount  RS. 30,975. Find the time(in years) for which the account held, if the rate of interest was 6% p.a.?

brainly.in/question/18508774

A sum of Rs. 10 is given a lo lone to be returned in 6 monthly deposit at rs 2. what is the rate of interest?

brainly.in/question/17686221

What sum (in Rs) given on loan for two years with the scheme of return on the of compound interest at a yearly rate of 10% will correspond to repayment through equal monthly deposit of Rs 9075?​

brainly.in/question/26745065