Question

mr. ravi has a recurring deposit account of 400 pr month at 10% per annum. if he gets 16220. at the time of maturity, find the total time for which the account was held.

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Answer 1

Answer:

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Answer 2

Answer:

the account was held for approximately 13 years.

Step-by-step explanation:

Ravi deposits 400 per month.

In one year, he will have deposited (400 × 12) = 4800

So, after one year Ravi will have deposited 4800.

The amount earns interest of 10% per annum.

The compound interest accumulation formula is given by:

A = P(1 + i)ⁿ

In this case:

P = 4800

i = 10%

A = 16220

Doing the substitution we have:

16220 = 4800(1.1)ⁿ

16220/4800 = (1.1)ⁿ

3.37917 = 1.1ⁿ

Taking logs on both sides we have:

log 3.37917 = n log 1.1

0.52881 = 0.041393n

n = 0.52881/0.041393

n = 12.77 approximately 13 years.