Question

Amit opened a recurring deposit account for 10 months. The rate of interest is 68% per annum and Amit receives Rs. 231 as interest at the time of maturity. Find the amount Amit deposited each month.

Answer 1

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Step-by-step explanation :

Given,

n = 10 months

r = 8% p.a.

I = Rs. 221

To Find,

Principal Amount (P)

Solution,

I = \frac{P * n(n+1) * r}{2 * 12 * 100}I=

2∗12∗100

P∗n(n+1)∗r

221 = \frac{P * 10 * 11 * 8}{2 * 12 * 100}221=

2∗12∗100

P∗10∗11∗8

P = \frac{221 * 2 * 12 * 100}{10 * 11 * 8}P=

10∗11∗8

221∗2∗12∗100

P = Rs. 602.72P=Rs.602.72

Therefore,

P = Rs. 603