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Ramesh deposited a certain amount every month for 6 years in a post office at the rate of 8% and receives Rs.17,904 at the end of 6 years. Then his monthly deposit would be?
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Answer:
P = ? n = 36, r = 8%, MV = 17,904
I = P*n*(n+1)*r ÷ 2*12*00
I = MV - (P×n)
therefore 17904 - 72P = (P*72*73*8)/2*12*100
=> 17904 - 72P = 438P/25
=> 17904 = 72P + 438P/25
=> 17904 = (1800P + 438P)/25
=> 17904*25 = 2238P
=> P = 17904*25/2238
=> P = 200
therefore monthly deposit = Rs 200
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