Mr Gupta had a recurring deposit account. He deposited 140 per month at
10% per annum. If he received 1372 as interest at the time of maturity, find
the total time for which the account was held.
tion 8
Answers
Answer:
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Given:
Mr Gupta had a recurring deposit ac count. He deposited 140 per month at
10% per annum. If he received 1372 as interest at the time of maturity, find
the total time for which the account was held.
To find:
The total time for which the ac count was held.
Solution:
To solve the above-given problem we will use the following formula:
Here we have,
The monthly ins talment = Rs. 140
The rate of interest = 10% p.a.
The interest received at the time of maturity = Rs. 1372
Let "n" be the no. of months for which the ac count was held.
Now, on substituting the given values into the above formula of interest, we get
since the no. of months cannot be negative so we will accept only the positive value
. . . [since 1 year = 12 months]
Thus, the total time for which the ac count was held was → 48 months or 4 years.
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