Deposit amount Rs.1000/month

Rate of interest 10% p.a

Interest received at maturity Rs.5550

How to calculate period of investment

Asked by pramod1970.2015 | 30th Mar, 2020, 03:03: PM

Expert Answer:

Interest space at space maturity equals straight P cross times fraction numerator straight n open parentheses straight n plus 1 close parentheses over denominator 24 end fraction cross times straight r over 100
straight P equals 1000
straight r equals 10
Interest equals 5550

5550 equals 1000 cross times fraction numerator straight n open parentheses straight n plus 1 close parentheses over denominator 24 end fraction cross times 10 over 100
straight n equals 36 space months

Answered by Arun | 1st Apr, 2020, 10:13: AM