In a recurring deposit account, if P = Rs 300; M.V. = Rs 16458; r = 7% p.a., then the time (in years) for which the account is held will be???
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A
2
P=300 per month , R=12% , MV=1800
Maturity Value =(1+
2400
(n+1)×R
)×n×P
where n is the time in months.
⟹8100=(1+
2400
(n+1)×12
)×n×(300)
⟹27=n+
200
(n
2
+n)
⟹n
2
+201n−5400=0
⟹(n−24)(n+225)=0
⟹n
=−225
∴n=24 months =2 years
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