Mr. Britti deposit certain sum of money each month in a recurring deposit account of a bank. It the rate of interest is of 8% per annum and Mr. Britti gets 8088 from the bank after 3 years, find the value of his monthly installment.

Asked by Bidhan | 30th May, 2019, 07:17: AM

Expert Answer:

begin mathsize 16px style Let space the space value space of space the space monthly space instalment space be space Rs. space straight P.
Here space straight M. straight V space equals space Rs. space 8088 space comma space straight r space equals space 8 percent sign space and space straight n space left parenthesis number space of space months right parenthesis space equals space 3 space yrs equals space 36 space months
We space know space that comma
Maturity space value space of space recurring space deposite space equals space straight P space cross times space straight n space plus space straight P space cross times space fraction numerator straight n left parenthesis straight n space plus space 1 right parenthesis over denominator 2 space cross times space 12 end fraction cross times space straight r over 100
rightwards double arrow 8088 space equals space straight P space cross times space 36 space plus space straight P space cross times space fraction numerator 36 cross times 37 over denominator 2 space cross times space 12 end fraction cross times space 8 over 100
rightwards double arrow 8088 space equals space 36 straight P space plus space 4.44 straight P
rightwards double arrow 8088 space equals space 40.44 straight P
rightwards double arrow straight P space equals space Rs. space 200
Therefore comma space the space value space of space the space monthly space instalment space be space Rs. space 200.
end style

Answered by Yasmeen Khan | 30th May, 2019, 12:23: PM