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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 [3] the time for which the account was held.
Asked by krrishjaiswal10 | 19 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 | 17 Sep, 2021, 05:11: PM

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