Question

Akhil has a recurring deposit account of Rs.2000 per month in a bank at the rate of 10% per annum.In how many instalments he will get Rs.83,100 at the time of maturity?

Answer 1

Principal = 2000

Rate of interest = 10% = 0.1

Amount = Rs.83100

No. of compounds per year = n = 12

$a = p \binom{1 + r}{100} ^{nt}$

$83100 = 2000 \binom{1 + 0.1}{12} ^{12t}$

$\frac{83100}{2000} = \binom{1 + 0.1}{12}^{12t}$

$41.55 = { \frac{1 + 0.1}{12} } ^{12t}$

t= 37.42

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mark brainliest

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