Question

Ms susan needs rs 16509 after 36 months.how much money she should invest per month in a recurring deposit scheme to get the required amount, when the rate of interest is 9.5% p.a​

Answer 1

Given:

Amount = 16509

Time = 36 months = 3 years.

Rate of interest = 9.5% p.a .

To find:

Money to be invested per month

Solution:

Let the amount to be deposited = 100P

Amount deposited in 36 Months = 3600P

R = 9.5% = 9.5/12 per month

Interest earned for first month deposit is for 36 months, similarly for second month it will be fir 35 months and so on.

SI = PRT/100

Thus,

= 100P x 9.5 x  /1200 x (36 + 35 + ____ + 1)

= 19P/24 x 36 x 37/2

= 2109P/4

= 527.2P

Now,

3600P + 527.2P  = 16509

= 4127.2P   = 16509

P = 16509/4127.2

P = 4.000

As the amount deposited is 100P, thus

100 x 4

= 400

Answer: The amount to be deposited per month is 400 Rs.