Question

Mr. Kumar has a recurring deposit account in a bank for 4 years at 10% p.a. rate of interest.
If he gets + 21,560 as interest at the time of maturity, find :
(i) the monthly instalment paid by Mr. Kumar.
(ii) the amount of maturity of this recurring deposit account.
​

Answer 1

Answer:

1 :- 2000

2:- 80325

Step-by-step explanation:

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Answer 2

Answer:

I) The monthly instalment paid by Mr. Kumar is approximately Rs. 4,951.76.

ii) The amount of maturity of Mr. Kumar's recurring deposit account is approximately Rs. 3,09,960.27.

Step-by-step explanation:

We can solve this problem by using the formula for calculating the maturity value of a recurring deposit:

$m = p \times \frac{{(1 + \frac{r}{n} })^{nt} - 1}{ \frac{r}{n} }$

Where:

M = maturity value

P = monthly instalment

r = rate of interest per annum

n = number of times interest is compounded in a year

t = time period in years

Given that Mr. Kumar has a recurring deposit account for 4 years at a rate of interest of 10% p.a. and the interest earned at maturity is Rs. 21,560. We can calculate the monthly instalment and maturity value as follows:

(i) Monthly instalment paid by Mr. Kumar:

Using the above formula, we can calculate the monthly instalment as follows:

$m = p \times \frac{{(1 + \frac{r}{n} })^{nt} - 1}{ \frac{r}{n} }$

$21560= p \times \frac{{(1 + \frac{0.1}{12} })^{124} - 1}{ \frac{0.1}{12} }$

$21560= p \times \frac{{(1 + 0.00833 })^{48} - 1}{ 0.00833 }$

$21560= p \times 4.3558$

$p = \frac{21560}{4.3558}$

$p = 4951.76$

Therefore, the monthly instalment paid by Mr. Kumar is approximately Rs. 4,951.76.

(ii) Amount of maturity of this recurring deposit account:

Using the above formula, we can calculate the maturity value as follows:

$m = p \times \frac{{(1 + \frac{r}{n} })^{nt} - 1}{ \frac{r}{n} }$

$m = 4951.76 \times \frac{{(1 + 0.00833 })^{48} - 1}{ 0.00833}$

$m = 4951.76 \times \frac{{(1 + \frac{r}{n} })^{nt} - 1}{ \frac{r}{n} }$

m ≈ 3,09,960.27

Therefore, the amount of maturity of Mr. Kumar's recurring deposit account is approximately Rs. 3,09,960.27.

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