DAVID OPENED A RECURRING DEPOSIT ACCOUNT IN A BANK AND DEPOSITED RS. 300 PER MONTH FOR TWO YEARS. IF HE RECEIVED RS. 7725 AT THE TIME OF MATURITY, FIND THE RATE OF INTEREST PER ANNUM.
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Answer:
Principal = 2000
Rate of interest = 10% = 0.1
Amount = Rs.83100
No. of compounds per year = n = 12
A=P(1+\frac{r}{n})^{nt}
83100=2000(1+\frac{0.1}{12})^{12t}
\frac{83100}{2000}=(1+\frac{0.1}{12})^{12t}
41.55=(1+\frac{0.1}{12})^{12t}
t=37.42
So, it will take Approx 36 months
Step-by-step explanation:
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