Question

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Answer 1

Answer:

5 years

Step-by-step explanation:

Given, maturity value of the account = 1,20,400.

Given, Rate of interest = 10%

Given, Principal = 1,600.

Now,

Let us assume the number of months the account was held as 'n' years.

I = A - P * n

 = 120400 - 1600 * n

  = 120400 - 1600n

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

$\Longrightarrow 120400 - 1600n = 1600 * \frac{n(n+1)*10}{2*12*100}$

$\Longrightarrow 120400 - 1600n = \frac{20n(n+1)}{3}$

$\Longrightarrow 120400 - 1600n = \frac{20n^2 + 20n}{3}$

$\Longrightarrow 3(120400 - 1600n) = 20n^2 + 20n$

$\Longrightarrow 361200 - 4800n = 20n^2 + 20n$

$\Longrightarrow 20n^2 + 4820n - 361200 = 0$

$\Longrightarrow n^2 + 241n - 18060 = 0$

$\Longrightarrow n^2 + 301n - 60n - 18060 = 0$

$\Longrightarrow n(n + 301) - 60(n + 301) = 0$

$\Longrightarrow (n- 60)(n + 301) = 0$

$\Longrightarrow n = 60, 301 [\because n = -301 \ is \ not \ possible]$

$\Longrightarrow n = 60 \ months$

$\Longrightarrow \textbf {Time = 5 \ years}$

Therefore, The time for which it was held is 5 years.

Hope it helps!

Answer 2

Given, maturity value of the account = 1,20,400.

Given, Rate of interest = 10%

Given, Principal = 1,600.

Now,

Let us assume the number of months the account was held as 'n' years.

I = A - P * n

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