Mr. Kumar has a recurring deposit account is Rs.1,20,400. If each monthly
instalment for this account is Rs.1.600 and the rate of interest is 10% per year, find 
the time for which the account was held.
Asked by krrishjaiswal10 | 19th Jul, 2021, 08:56: AM
Recurring deposit interest I for n months is given as
where P is principal amount and r is rate of interest per annum
Hence Recurring deposit interest in this case is given as
If depositor has received 1,20,400 , then we have
After simplifying above expression, we get , n2 + 241 n - 18060 = 0
By solving above quadratic equation, we get n = 60
Hence period of recurring deposit is 60 months
Answered by Thiyagarajan K | 17th Sep, 2021, 05:11: PM
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