Sheela has a recurring deposit account in a bank of rupees 2000 per month at the rate of 10% per annum . if she gets rupees 83100 at the time of maturity, find the total time in years for which the account was held .
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Answer:
Recurring deposit interest
P=n(n+1)/2x12×r/100---(1)
Where p is the deposit amount /month, n is no of month, r is rate of interest
Interest amount is given by,
2000×n(n+1)/24×10/100
=83100-n×2000
=n^2+241n-(831×12)+0
(n+177)(n-36)=0
Hence we get,
Number of months =36
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