Question

Mr. Rathod opens a recurring deposit account in a bank. If the rate of interest is 7 ℅ per annum and receives INR 5150 from the bank after two years. Calculate the value of his monthly deposit.

Answer 1

R=7

t=1

l=5150

P=l/RT

P=5150/7

P=735.71

Answer 2

Answer: 200 rupees

Step-by-step explanation:
r = 7%
MV = ₹ 5150
n = 24

5150 = 24p + 24p x 25 x 7

                       2 x 12 x 100

5150 = 24p + 7p

                       4

5150 = 96p + 7p

                  4

20,600 = 103 p

p = 20,600

         103

p = ₹ 200 <- Ans