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.
Answers
Given : Mr Gupta had a recurring deposit account.
He deposited 140 per month at 10% per annum.
he received 1372 as interest at the time of maturity,
To Find : the total time for which the account was held.
Solution:
SI = P * R * T /100
P = Amount Deposited = 140 per month
R = Rate of interest = 10 % per annum
T = Time period in years
SI = Simple interest
Interest for 1 month = 140 * 10 * (1/12) /100 = 14/12 Rs
Let say deposit for n months Then interest = n(n + 1)/2 * interest 1 month
= (14/12) n(n + 1)/2 = 1372
=> n(n + 1) = 2352
=> n( n + 1) = 48(49)
=> n = 48
Account held for 48 months = 4 Years
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