Question

Ramesh deposits 1500 per month at 8% per annum in a recurring deposit account and bank paid him 3000 as interest on maturity. Find the total time for which the account is held.​

Answer 1

Answer:

24 months

Step-by-step explanation:

for first month his interest = PTR/100 = 1500*1*8/(12*100) = 10rs/-

second month interest = 20rs/-

third month interest= 30 rs/-

so 10+20+30+40+.............+n = 3000

n/2(2*a + (n-1)d) = 3000

n^2 + n -600 = 0

n = 24

so answer is 24 months