Question

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

plzzz give the soln..​

Answer 1

Answer:

Recurring deposit interest I is given by,

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

Answer 2

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