Question

David opened a recurring deposit account with a bank for 1 year at the rate of 14% per annum. If the bank pays ₹12910 at the time of maturity, find the money deposited by David every month? ₹

Answer 1

Here, P = money deposited per month = Rs. 800 n = Time for which the money is deposited = 1 12 years = 18 months.Let the rate of interest be r% per ...

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