Tanusree has an R.D. account for 3 years at 12% per annum interest.If its maturity value is Rs 16884,find the monthly instalment.
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Given Tanusree has an R.D. account for 3 years at 12% per annum interest.If its maturity value is Rs 16884,find the monthly instalment.
- Given we need to find the monthly instalments of the given conditions in ad RD
- So Maturity value = 16,884
- So n = 3 years = 36 months
- So r = 12 %
- Now recurring deposit is given by
- M = P n + P x n (n + 1) / 2 x 12 x r / 100
- 16,884 = 36 p + p x 36 (36 + 1) / 2 x 12 x 12 / 100
- 16,884 = 36 p + p x 333 / 50
- 16,884 = 1800 p + 333p / 50
- 844200 = 2133 p
- Or p = 844200 / 2133
- Or p = Rs 395.78
Reference link will be
https://brainly.in/question/15724857
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