Question

Samita has a recurring deposit account in a bank of rupees 2,000 per month at the rate of 10% per annum if he gets Rupees 83100 at the time of the maturity find the total time for which the account was held?????​

Answer 1

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$\huge\tt{GIVEN:}$

• Samita has reccuring her deposit to account in a bank of ₹ 2000/month at the rate of 10% per.annum.
• She gets ₹83,100 at the time of maturity

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$\huge\tt{TO~FIND:}$

• Total time for which account was held

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$\huge\tt{SOLUTION:}$

Now,

Principal of one month would be,

↪2000×n(n+1)/12

↪1000× n(n+1)

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Maturity value ,

↪2000×n+{100n(n+1)/12}

↪2000n + 2000×n+{(n+1)/12} = ₹83,100

↪24000n+ 100n²+n = 831×12

↪n²+241n-9972=0

↪n(n+277) -36(n+277)= 0

↪(n+277)(n-36)=0

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Either, n+277=0,then n= -277, which isn't possible in this case or n -36=0,

Then n = 36

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Hence,

Period = 36 months or 3 years

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