Question

Mrs. Karna has a recurring deposit account in Punjab National Bank for 3 years at 8% p.a. If she gets Rs 9990 as interest at the time of maturity, find:
(i) the monthly instalment
(ii) the maturity value of the account.

Please provide me the correct answer otherwise you will reported...

Answer 1

Here,

n = 3 years = 3 x 12 months = 36 months

r = 8% p.a.

I = 9990/-

Let monthly installment be p.

ATP,

p x n(n+1)/2 x 1/12 x r/100 = 9990

p x 36x37/2 x 1/12 x 8/100 = 9990

111 p / 25 = 9990

p = 9990 x 25 / 111 = 90 x25 = 2250

Monthly installment = Rs. 2250

Maturity value = Pn + I = 2250x36+9990 = Rs. 90990

Answer 2

Answer:

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