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
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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× ××, 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)×
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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