Math, asked by solutions30, 1 month ago

Rajiv Bhardwaj has a recurring deposit account in a bank of Rs 600 per month. If the bank pays simple interest of 7% p.a. and he gets Rs 15450 as maturity amount, find the total time for which the account was held.​

Answers

Answered by gannushivam
2

Answer:

I HOPE YOU UNDERSTAND

Step-by-step explanation:

It is given that,

Amount deposited per month (P) = ₹ 600,

Rate of interest = 7% p.a.

Amount of maturity = ₹ 15,450.

Consider n months as the period,

We know that

Total principal for one month = 600∗n(n+1)/2

By further calculation,

= 600(n

2

+n)/2

= 300(n

2

/n)

Here interest = PRT/100,

Substituting the values

= (300(n

2

+1)∗7∗1)/(100/12)

= 7/4(n

2

+n)

Amount of maturity = 600n+7/4(n

2

+n),

Substituting the values

600n+7/4(n

2

+n)=15450

By further calculation

2400+7n

2

+7n=61800

7n

2

+2407n−61800=0

We can write it as,

7n

2

−168n+2575n−61800=0

7n(n−24)+2575(n−24)=0

(n−24)(7n+2575)=0

Here, n−24=0 where n=24

Similarly

7n+2575=0

Where 7n=−2575

n=−2575/7 which is not possible as it is negative.

Period (n) = 24 months or 2 years.

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