Question

Priyanka has recurring deposit account for rupees 1000 per month at 10% per annum . if she gets rupees 5500 ay the time with maturity, find a total time for a which account was held

Answer 1

total time is 3 years

Answer 2

Answer:

Principal = 1000

Rate of interest = 10% = 0.1

Amount = Rs.5500

No. of compounds per year = n = 12

$A=P(1+\frac{r}{n})^{nt}$

$5500=1000(1+\frac{0.1}{12})^{12t}$

$\frac{5500}{1000}=(1+\frac{0.1}{12})^{12t}$

$5.5=(1+\frac{0.1}{12})^{12t}$

t=17.11 months

So, it will take Approx 17 months