Question

Maturity value is 16176
Monthly instalment is 400
Rate of interest is 8%
Find time

Answer 1

$\huge{\fbox{\fbox{\bigstar{\mathfrak{\red{Question}}}}}}$

the maturity value of a rd account is ₹16176.if the monthly installment is ₹400 , and rate of interest is 8% ,find time.

$\huge{\fbox{\fbox{\bigstar{\mathfrak{\red{Solution}}}}}}$

Monthly instalment, P=Rs. 400

number of months=n

Rate of interest, r=8%

Simple interest, ∫I=P×2×12n(n+1)×100r

=400×1008×24n(n+1)

=3

Answer 2

$\huge \bold \red\star{36 Months Or 3 Years}\red \star$