Question

a man opened a recurring deposit account with a bank and deposited RS. 250 per month. if the rate of interest is 12% per annum and the bank pays RS. 10665 on maturity, find the time for which he held the account ​

Answer 1

Answer:

Solution 1

Installment per month(P) = Rs. 600

Number of months(n) = 20

Rate of interest (r) = 10% p.a.

The amount that Manish will get at the time of maturity

=Rs (600 x 20)+ Rs 1,050

=Rs 12,000+ Rs 1,050

= Rs 13,050 Ans.