Question

Steffi deposits a certain sum of money each month into a recurring deposit account of a bank. If the rate of interest is 9%, and she gets ₹65592 from the bank after 3 years, what is the monthly deposit amount?
₹

Answer 1

Answer:

Rs.1600

Step-by-step explanation:

Principal=Rs.X

Rate of Interest =9%

Maturity Value =Rs.65592

No.of Months =36

Since,

I=(P×n(n+1)×r)/2400

We get,

I=(X×36×37×9)/2400=》I = 499.5X/100 = 4995X/1000

Now,

By using the formula:MV=P×n+I

We get,

65592=X×36+4995X/1000

65592=(36000X+4995X)/1000

65592×1000=40995X

X=65592000÷40995=1600

Hence,her monthly deposit is Rs.1600