Mr Narayan deep 6455 at the end of one year at the rate of 14% per annum in RD account find the monthly installment
Answers
Answered by
9
Step-by-step explanation:
Given Mr Narayan gets 6455 at the end of one year at the rate of 14% per annum in RD account. Find the monthly installment
- Let the principal P be m
- Now principal for 12 months will be = n(n + 1) / 2 m
- = 12 (12 + 1) / 2
- = 12 x 13 / 2
- = 78 m
- Now Interest = P [ n(n + 1) / 2 x 1/12 x R / 100]
- 78 m x 14 x 1 / 100 x 12
- = 0.91 m
- Now money deposited in 12 months will be 12 m
- Also maturity value will be 12 m + 0.91 m
- = 12.91 m
- Now according to the question
- 12.91 m = 6455
- Or m = 6455 / 12.91
- Or m = Rs 500
Therefore monthly installment will be Rs 500
Reference link will be
https://brainly.in/question/4363
Answered by
2
Step-by-step explanation:
M.v =6455
n=12 months
r= 14%
M.v=(p×n)+I
I= 6455-12p _(1)
I= P×12× 13/2×12 ×14/100
I=91P/100_(2)
now,
making a simultaneously equation.....
6455-12P=91P/100
645500-1200P=91P
P= 645500/1291
P=500.
hope it helps...
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