Question

Sheetal has a recurring deposit account in a bank and deposits 300 per month at the rate of 7% per annum. At the time of maturity she would receive 7725. Find the time for which the account would be held.

Answer 1

Maturity Value = $Pn + \frac{P*n(n+1)}{24} * \frac{r}{100}$

7725 + 300n = $\frac{300*7n(n+1)}{2400}$

on solving, we get n = 24 Months