Question

Ritika deposits rupees 200 every month in a recurring deposit scheme at 8% P A if he gets Rupees 1648 as the maturity amount find the period for which the account is held​

Answer 1

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Answer 2

Answer:

The period with which the  account is held = 8 months

Step-by-step explanation:

Given,

Principal = p = Rs. 200

Rate of interest = r = 8%

Maturity value = Rs. 1648

To find,

The period

Solution:

Recall the formula

Maturity value = p×n +p× $\frac{n(n+1)}{2}$×$\frac{r}{100}$×$\frac{1}{12}$, where 'p' is the principal 'r' is the rate of interest and 'n' is the period

By substituting the given values in the equation we get,

1648  = 200×n +200× n(n+1)×$\frac{2}{3}$

3×1648  = 3×200×n +2×n(n+1)

4944 = 600n + 2n² + 2n

2n² + 602n-4944 = 0

n² + 301n - 2472 = 0

n² + 309n - 8n -2472 = 0

n(n+309)-8(n+309) = 0

(n-8)(n+309) = 0

n = 8 or n = - 309

Since 'n' cannot be a negative number, the value of n = 8

∴The period with which the  account is held = 8 months

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