Question

A man has a recurring deposit amount of Rs 500 per month at 8 % per annum simple interest. If he gets Rs 24010 at the time of maturity, find the total time for which the account was held.

Answer 1

Step-by-step explanation:

24010=500×8×t/100

24010=40t

t=24010/40

t=600.25

Answer 2

if, the number of years = t

so, the number of months = 12t

[as, the interest increases per month]

now,

the equation is

24010 - 500= (500×8×12t)/100

or, (500×8×12t) = (23510 × 100)

or, t = (23510×100)/(500×8×12)

or, t = (2351/48)

or, t = 48 + (47/48)

so, the total time = 48 years 11 month 22.5 days