Question

Sheetal has Recurring Deposit Account in a bank
and deposits Rs 400 per month at the rate of 6%
per annum. At the time of maturity, she would
receive Rs 6240. Find the time for which the
account would be held.​

Answer 1

Answer:-

MATURITY VALUE:- =Pn+P×n(n+1)/24×r/100

6240=400n+400×6×n(n+1)/2400

Then we have to form equation:-

or,6240=400n+400×6×n(n+1)/2400

or,6240=2800n^2+2800/2400

or,2800^2=2800/2400×6240

or,n^2=2.6yrs

Hence, it will take 18 months.

HOPE IT HELPS!!!!!

Answer 2

Answer:

ANS: 15 MONTHS

Step-by-step explanation:

I= n(n+1)×400×6

2× 1200

I= n(n+1)

M.V= P×n+I

=> 6240 = 400n + n²+n

=> n²+401n-6240=0

=> n²+ 416n -15n -6240=0

=>n(n+416) -15(n+ 416)=0

=>( n+416)( n-15)

either,

n+416=0

=>n= -416 [not possible ]

or,

n-15=0

=>n=15 [ANS]