Question

Mr Suresh has a Recurring Deposit Account of 300 per month.If the rate of interest is
12% and the maturity value of this account is 8,100 ;find the time (in years)of this
Recurring Deposit Account

Answer 1

Answer:

please mark as brainlest

Step-by-step explanation:

Correct option is

A

2

P=300 per month , R=12% , MV=1800

Maturity Value =(1+

2400

(n+1)×R

)×n×P

where n is the time in months.

⟹8100=(1+

2400

(n+1)×12

)×n×(300)

⟹27=n+

200

(n

2

+n)

⟹n

2

+201n−5400=0

⟹(n−24)(n+225)=0

⟹n



=−225

∴n=24 months =2 years