a women opened a recurring deposit account with a bank and deposited 245 rupees per month .if the rate of interest is 12% per annum and bank pays 8489.25 on maturity .Find the time for which she could held the account.
Answers
Answered by
2
Answer:
✿Future = Present [ (1+i)n-1 / i ]
☞Future = 8489.25
☞Present = 245
☞i = 12/12 = 1/100 = 0.01
☞n = ??
8489.25 = 245 [ (1+0.01)ñ-1 / 0.01 ]
n = 2.5 years approx (30 month )
✯ Please like ✯
Similar questions