Question

Zoya has a recurring deposit account in a bank for 3 and a half years at 9% per annum. If she gets ₹58527 at the time of maturity, find the monthly installment.

Answer 1

Answer:

3035.23

Step-by-step explanation:

time = 3(1/2) years = 18 months

let monthly installment = p

now

$MV= pn+\frac{p*n(n+1)*r}{2400}\\ => 58527= 18p + \frac{p*18*19*9}{2400} \\=> 58527 =18p +\frac{513p}{400} \\=> 58527*400 =7200p +513p\\\\=> 58527*400 =7713p \\\\=> p=58527*\frac{400}{7713}$

therefore p=3035.23