Mr. kapoor has a recurring account of rs. 300 per month. If the rate of interest is 12% and matutity value of this account is rs.8100. Find the time in years of this recurring deposit account.
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Answer:
the correct answer is 2 years
Step-by-step explanation:
P=300 per month , R=12% , MV=8100
Maturity Value =(1+
2400
(n+1)×R
)×n×P
where n is the time in months.
⟹8100=(1+
2400
(n+1)×12
)×n×(300)
⟹27=n+
200
(n
2
+n)
⟹n
2
+201n−5400=0
⟹(n−24)(n+225)=0
⟹n
=−225
∴n=24 months =2 years
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