Question

Puneet has a recurring deposit in a bank and deposits Rs. 400 per month. If he

receives Rs. 10100 at the time of maturity at 5% p.a., find the time for which

account is held.​

Answer 1

Step-by-step explanation:

P=400

MV=10100

R=5%

I=n(n+1)*400*1*5/2*12*100

=5n^2 +5n/6

Maturity Value =np+I

10100=400n+ 5n^2+5n/6

60600=2405n+5n^2

n^2+481n-12120=0

n^2 +505n-24n-12120=0

n(n+505)-24(n+505)=0

n=24 or n=-505

Time =2 years