Question

Ajay deposits RS.1500 per month in reccuring deposit scheme at 6% p.a interest. At the time of maturity he receives Rs. 38,250 . Find the total time of this RD account

Answer 1

Answer:

24 months

Step-by-step explanation:

p=1500

r=6%

mv=RS.38250

n=?

mv=pn+(P*n(n+1)*r/2*12*100

38250=1500n+($15n^{2}$+15n÷4)

38250=6000n+$15n^{2}$+15n/4(1500n*4 because addition of fraction)

153000=6015n+$15n^{2}$

$15n^{2}$+6015n-153000=0

$n^{2}$+401n-10200=0

$n^{2}$+425n-24n-10200=0

n(n+425)-24(n+425)

(n-24)(n+425)

n=24(n≠-425)

n=24 months