Question

Mr. Rohit has a recurring deposit account in a bank and deposits Rs.200 per
month at the rate of interest being 8% p.a. If he gets Rs. 1648 at the time of
maturity, find the total time for which the account was held.

Answer 1

Step-by-step explanation:

Correct option is B)

Let the monthly installment be P.

Given, P=200, n=36, r=11%

Interest =

2400

Pn(n+1)r

=

2400

200×36×37×11

=1221

We know, maturity amount =(Pn+1221)=(200×36+1221)= Rs. 8421

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