Question

Meena has a recurring deposit of RS.340 per month at 6% per annum. If she gets RS.7157 at the time of maturity. Find the total time for which the account was held​

Answer 1

Answer:

Meena has recurring deposit of Rs 340 per month at 6% annum if she gets Rs 7157 at time of maturity find the total amount for which the account was held

Step-by-step explanation:

n=73.5

Answer 2

The time taken is 73.5 months.

Step-by-step explanation:

Given : Meena has a recurring deposit of RS.340 per month at 6% per annum. If she gets RS.7157 at the time of maturity.

To Find : The total time for which the account was held​ ?

Solution :

Using the formula,

MV=Pn+P(\frac{n(n+1)}{2})\times \frac{r}{12\times 100}

Where,

P = Rs.340 is the principal

r = 6% p.a. is the rate of interest

MV = Rs. 7157 is the maturity value

n  is the time taken.

Substitute the values,

$7157=340n+340(\frac{n(n+1)}{2})\times \frac{6}{12\times 100}$

$7157=340n+170n(n+1)\times 0.005$

$7157=340n+0.85n(n+1)$

On solving further,

$n^2+41n-8420=0$

Solve by quadratic formula, $x=\frac{-b\pm\sqrt{b^2-4ac}}{2a}$

$n=\frac{-41\pm\sqrt{41^2-4(1)(-8420)}}{2(1)}$

$n=\frac{-41\pm 188}{2}$

$n=\frac{-41+188}{2},\frac{-41-188}{2}$

$n=73.5,-114.5$

Reject n=-114.5.[/tex]

The time taken is 73.5 months.

#Learn more

Monika has a cumulative deposit account of Rs.400 per month at 10% per annum simple  interest. If she gets Rs. 30,100 at the time of maturity, then find the total time for which the  account was held. ​

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