Manohar has a cumulative deposit account in a finance company for years at 9% per annum. If he gets ` 15426 at the time of maturity, how much per month has been invested by Manohar?
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Answer:
Rs 800 per month has been invested by her
Step-by-step explanation:
Let say Monthly deposit = P
1st month deposit = P
2nd month total deposit = 2P
3rd month total deposit = 3P
18th Month = 18P
Interest for 1st month = P * 1 * R/1200
Interest for 2nd Month = 2P * 1 * R/1200
Interest for 18th Month = 18P * 1 R/1200
Total interest = (PR/1200)( 1 + 2 + 3 + + 18)
1 + 2 + 3 + + 18 = (18/2)(1 + 18) (sum of n terms =
(n/2)(first term + Last Term)
= (PR/1200)(18 * 19)/2
= (PR/1200) * 171
R = 9 %
= 513P/400
Amount received = Investment + Interest
= 18 P + 513P/400 = 15426
=> 7200P + 513P = 6170400
=> P = 800
Rs 800 per month has been invested by her 8
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