In the reccuring deposit account, the monthly installment was RS. 2,500 and the maturity amount was RS. 30,975.Find the time(in years) for which the account was held, if the rate of interest was 6% p.a.
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It is given that
Maturity values = Rs. 30975
Monthly installment = Rs. 2500
Rate of interest =6%
Let the time be x months
∴ Qualifying amount = 2500×(x+x+1)
______________
2
=1250 ( x^2+x)
Now, S.I. = 1250 (x^2+x)×6
________________
100 × 12
= 25/4 ( x^2+x)
Principal = Rs. 2500 × x
= 2500x +25/4 (x^2+x)=30975
=10000x + 25x^2+25x =123900
=25x^2+10025x - 123900= 0
=25 ( x^2 + 401x- 4956 ) =0
now
x^2+401x - 4956 =0
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