Question

Sudhir opened a recurring deposit account with a
bank for 1 1/2 years. If the rate of interest is 10% and
the bank pays 1554 on maturity, find how much
did Sudhir deposit per month?​

Answer 1

hope this answer will be helpful

Answer 2

Sudhir deposited 80 Rs. per month.

Step-by-step explanation:

Sudhir opened a recurring deposit account.

We have to calculate principal amount. Let the principal amount be 'P'.

time (n) = $1\frac{1}{2}$ years or 18 months

rate of interest (r) = 10%

Maturity value (MV) = 1554

$MV=P\times n+P\times \frac{n(n+1)}{2\times 12}\times \frac{r}{100}$

$1554=P\times 18+P\times \frac{18(18+1)}{2\times12}\times \frac{10}{100}$

$1554=\frac{770}{40}P$

$P=\frac{40}{777}\times 1554$

P = 80

Sudhir deposited 80 Rs. per month.

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