Question

Samita has a recurring deposit account in a bank of Rs.2000 per month at the rate of 10%p.a. If she gets Rs.83100 at the time of maturity , find the total time for wch the account was held.

Answer 1

time is 36 months or 3 years

Answer 2

Answer:

36 months

Step-by-step explanation:

Principal = 2000

Rate of interest = 10% = 0.1

Amount = Rs.83100

No. of compounds per year = n = 12

$A=P(1+\frac{r}{n})^{nt}$

$83100=2000(1+\frac{0.1}{12})^{12t}$

$\frac{83100}{2000}=(1+\frac{0.1}{12})^{12t}$

$41.55=(1+\frac{0.1}{12})^{12t}$

$t=37.42$

So, it will take Approx 36 months