Question

Preeti has a recurring deposit account of rupees 1000 per month at 10% per annum. If she gets rupees 5550 as interest at the time of maturity, find the total time for which the account was held

Answer 1

Amount of recurring deposit per month = Rs. 1000 Rate of interest = 10 % p.a. let period = n months Amount of interest = 5550 ................................ (1) Read more on Sarthaks.com - https://www.sarthaks.com/145260/priyanka-has-a-recurring-deposit-account-of-rs-1000-per-month-at-10-per-annum

Answer 2

here is the answer

amount of recurring deposit per month = Rs. 1000

Rate of interest = 10 % p.a.

let period = n months

Amount of interest = 5550

Recurring deposit interest is given by.......(1)

I= P×[n(n+1)/(2×12] (r/100).......(1)

where p is monthly contribution,

p= RS.1000

n= number of months,

r= rate of interest= 10%

and I= interest= Rs.5550

hence by substituting the values in eqn(1) we get

1000×[n(n+1)/24]×(10/100)= 5550 or

n (n+1)=(24/100)×5550= 1332

hence, n2+n-1332= (n+37) (n-36)=0

hence number of months=36

n=36

it means 3 years

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