Question

Dinesh has a Recurring Deposit Account in a bank for 32

1

years at 92

1%p.a.

If he gets Rs. 78,638 at the time of maturity, find the monthly instalment.​

Answer 1

Answer:

Maturity value =P×n+P×

2×12

n(n+1)

×

100

r

P=monthly deposit

n= number of months =3

2

1

years=42 months

r= rate of interest 12

2892=P×42+P×

2×12

42(42+1)

×

100

12

2892=42P+P×

2×100

42×43

2892=42P(1+

2×100

43

)

2892=42P(1.215

P=Rs.56.67 is the monthly installment