Question

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Ravi gets 716200 at the end of two years at the rate of 12% per annum in a recurring deposit account. Find the monthly iñstállment.



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Answer 1

Refer to the attachment :)

Answer 2

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Maturity Amount = 7,16,200

n = 24

r = 12%

Interest = pn(n+1)r/2,400

=> p × 24 (25) × 12/2,400

=> p × 3

=> 3p

MATURITY AMOUNT = p + 3p

7,16,200 = 4p

p = 7,16,200/4

p = Rs. 179,050.

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