Question

Sameer opened a cumulative time deposit account with a bank for 2yrs if rate of interest is 10% per annum and bank pays rs 7950 on maturity find how much did sameer deposit per month.

Answer 1

Answer:

Sameer deposited Rs. 300 per month

Step-by-step explanation:

P = ?

n (time) = 24 months

r% = 10%

M.V. = Rs. 7950

$M.V. = P*n + P *\frac{n(n+1)}{2*12} * \frac{r}{100}$

$7950 = 24P + P* \frac{24*25}{2*12} *\frac{10}{100}$

$7950 = 24P + \frac{5P}{2}$

$7950 = \frac{48P + 5P}{2}$

$7950*2=53P$

$15900 = 53P$

$P=\frac{15900}{53}$

P = Rs.300

Answer 2

Answer:

Rs 300.

Step-by-step explanation:

Given: Time is 2 years.

Maturity amount Rs7950 & rate of interest $10\%$.

To find: Amount deposited per month.

On maturity Sameer get the amount deposited by him + interested amount.

So, maturity amount $=$ deposited amount $+$ interest

Let $x$ be the amount deposited each month.

Then, $7950=x*24+\frac{x*24*10*25}{2*100*12}$    [ Interest$=\frac{P*R*T}{100}$]

$7950=24x+2.5x\\7950=26.5x\\x=\frac{7950}{26.5} \\x=300$

Therefore, amount deposited each amount is Rs 300.

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