Beena has a cumulative deposit account of rupees 400per month at R=10% per annum simple interest. If she gets rupees 30100 at the time of maturity , find the total time for which the account was held
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Step-by-step explanation:
MV = ₹30100
P = ₹ 400
r = 10%
I = P×(n(n+1))/24 × r/100
= 400 × (n2 + n)/ 24 × 10/100
= (5n2 + 5n )/ 3
MV = P×n + I
30100 = 400n + (5n2 + 5n) /3
30100 ×3 = 1200n +5n2 + 5n
90300 = 5n2 + 1205n
5n2 + 1205n - 90300 =0
n2 + 241n - 18060 =0
(n -60)(n +301)=0
n =60 or n= - 301
since, n cannot be negative
therefore n = 60
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