Mr Mehta has a recurring deposit account of Rs 300 per month. if the rate of interest is 10% and the maturity value is Rs. 17340; find the time(in years) of this recurring deposit account
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Answer:
answer is 51
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Given : Mr Mehta has a recurring deposit account of Rs 300 per month.
if the rate of interest is 10% and the maturity value is Rs. 17340;
To find : the time(in years) of this recurring deposit account
Solution:
let say months = n => years = n/12
Amount deposited = 300n
Maturity value = 17340
interest = 17340 - 300n
Interest = 300 * (n ( n + 1) / 2 ) * 10 / 1200
= 5 n ( n + 1)/ 4
17340 - 300n = 5 n ( n + 1)/ 4
=> 3468 - 60n = n ( n + 1)/ 4
=> 13872 - 240n = n² + n
=> n² + 241 n - 13872 = 0
( n + 289)(n - 48) = 0
=> n = 48
Hence 4 years
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