Mr Kapoor opened a recurring deposit account of rupees 340 per month at 6% per annum. If he gets Rupees 7157 at the time of maturity find the maturity period
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Step-by-step explanation:
Principal amt =340
Rate=6
MV =7157
I=P×n(n+1)/2×12×r/100
=340×n(n+1)/2×12 ×6/100
=17n(n+1)/20
MV =P×n+I
7157=340n+17n(n+1)/20
On solving we'llget
143140=6817n+17n^2
17n^2+6817n-143140=0
Dividing by 17
n^2+401n-8420=0
We can either split the middle term or can use the eq:Always take the +ve value
On solving
n=20
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Answer:
hope u like it guys
answer is 20 months
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