Question

Geeta gets Rs. 6,455 at the end of one year at the rate of 14% per annum in a Recurring deposit account.Find the monthly installment.
plzz help

Answer 1

Answer:

₹500/-

Step-by-step explanation:

Let the monthly installment be P

Given, maturity value = ₹6455

n=12 months,

r=14%

As we know,

Interest = Pn(n+1)r /2400

= P×12×13×14÷2400

= 91P/100

Therefore, amount = Rs. (12P+ 91P/100)

= 1291P /100

According to the problem, we have

1291P/100=6455

∴P=6455*100/1291

Hence, the required monthly installment is Rs. 500.

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Answer 2

Think of ₹ P as a monthly in stallment

Duration (x) = 1 year = 12 months

We know that

Total monthly head = = × (x (x + 1)] / 2

Enter the value of x

= P × (12 × 13) / 2

With continuous calculation

= 78P

Interest = PRT / 100

Pricing

= (78P × 14 × 1) / (100 × 12)

So we get it

= 0.91P

So the maturity value = P × x + SI

6455 = P × 12 + 0.91P

6455 = 12.91P

With continuous calculation

P = 6455 / 12.91 = ₹ 500