Math, asked by binodsingh1077, 7 months ago

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?

Answers

Answered by milindtelgote27
0

Step-by-step explanation:

What would you like to ask?

MATHS

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.

Share

Study later

VIDEO EXPLANATION

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.

Similar questions