b.Radha opens a recurring deposit account with a bank for a certain sum
of amount for a period of 2 years. The bank pays interest at the rate of
10% p.a. If she gets Rs.66,250 as the maturity value of the account, how
much installment does she pay every month?
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Mr. Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. If the rate of interest is of 8% per annum and Mr. Britto gets Rs. 8088 from the bank after 3 years, find the value of his monthly instalment.
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ANSWER
Let the monthly instalment be Rs. x
Given: Maturity amount=Rs. 8,088, Time (n)=3 years=3×12 months =36 months, Rate (R)=8% p.a.
Principle for one month=P×
2
n(n+1)
=
2
x×36×37
=18×37x
Interest =
100×12
18×37x×8×1
[∵I=
100
PRT
]
=
100
444x
Actual sum deposited =36x
Maturity amount = Interest + Actual sum deposited
8,088=
100
444x
+36x
8,088=
100
4,044x
∴x=
4,044
8,088×100
=200
Hence, the monthly instalment be Rs. 200.
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