ICSE Class 10 Answered
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, 17:11: PM
Concept Videos
ICSE 10 - Maths
Asked by sh489551 | 20 Sep, 2021, 02:58: AM
ICSE 10 - Maths
Asked by krrishjaiswal10 | 19 Jul, 2021, 08:56: AM
ICSE 10 - Maths
Asked by paawanthaker2305 | 29 Jul, 2020, 15:56: PM
ICSE 10 - Maths
Asked by bejibickey8482.10sdatl | 22 Apr, 2020, 12:25: PM
ICSE 10 - Maths
Asked by pramod1970.2015 | 30 Mar, 2020, 15:03: PM
ICSE 10 - Maths
Asked by Bhoomibharti75 | 05 Mar, 2020, 16:53: PM
ICSE 10 - Maths
Asked by prakharsingh1402 | 09 Dec, 2019, 13:58: PM
ICSE 10 - Maths
Asked by Dipshikaparajuli | 15 Jun, 2019, 21:32: PM
ICSE 10 - Maths
Asked by Sanjaykumargupta29698 | 11 Jun, 2019, 21:52: PM