mr. goyal deposits Rs. 1000 every month in a recurring deposit account at 8% interest for a certain period. if he gets Rs. 4440 as interest at the time of maturity find the time period.
Answers
Answer:
4.6 years = 55.5 years some approximations may occur but it's 100 percent right.
Step-by-step explanation:
- Mr goyal deposits 1000 RS per month
- 8 percent per annum is interest on rupees 100.
- total amount of only interest is 4440 it is not the total of interest and principal amount it is only the interest amount.
now 8% of thousand is equals to 80 rupees..,
80 rupees is the interest which he gets every month,now it is simple divide the total amount given with the monthly interest he gets which is 80 rupees and the answer comes to be e 55.5 month because we are dividing 80 which is the monthly interest on rupees thousand that's why the answer came in months and if you are willing to get the answer in years you should divide the 55.5 months with 12 as in the year there are 12 months by dividing 12 with 55.5 you will get the answer 4.6 years and this is the solution for the question you can comment below if you have any doubt about the question.
Step-by-step explanation:
Principal=1000
Rate=8%
SI za 4440
Time za pata nahi
SI=PRT/100
T=SI/PR
T za=4440/1000×8
T=5.5 yrs