Question

Priya opened a recurring deposit account for 22 months. The rate of interest is 10% per
annum and Priya receives 500 as interest at the time of maturity. Find the amount Priya
deposited each month.​

Answer 1

Given :- Priya opened a recurring deposit account for 22 months. The rate of interest is 10% per annum and Priya receives 500 as interest at the time of maturity. Find the amount Priya deposited each month. ?

Answer :-

Let us assume that, Priya deposited Rs.x each month .

so, we have,

• P = Rs.x
• n = 22 months .
• R = 10% per annum .
• Interest = Rs.500 .

we know that,

• Interest = P * [n(n + 1)/24] * (R/100)

putting all values we get,

→ 500 = x * [22*23/24] * (10/100)

→ 500 = x * (506/240)

→ x = (500 * 240)/506

→ x ≈ Rs.237.15 (Ans.)

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