Ask a Doubt
Request a call back

Join NOW to get access to exclusive study material for best results

ICSE Class 10 Answered

Preeti has a recurring deposit account of Rs 1000 per month at 10%per annum. If she gets Rs 5550 as interest at the time of maturity, fund the total time for which the account was held.

Formula is this:SI =Px1/2n(n+1)x 1/12xR /100

Asked by bejibickey8482.10sdatl | 22 Apr, 2020, 12:25: PM
Expert Answer

Recurring deposit interest I is given by,

 I = P×[ n(n+1)/(2×12) ] (r/100)    ..............  (1)

where P is monthly contribution, P = Rs. 1000

n = number of months,

r = rate of interest = 10%

and I = interest = Rs.5550

By substituting the values in eqn.(1), we get

1000×[ n(n+1)/24 ]×(10/100) = 5550  or  n(n+1) = (24/100)×5550 = 1332

Therefore,  n2 + n - 1332 =  (n+37) (n-36) = 0 

n = -37 or n= 36

Since, n can't be negative.

Hence, the number of months = 36

Answered by Renu Varma | 23 Apr, 2020, 10:12: AM
Multiple Choice Questions Practice Test Subjective Questions Webinar Subjective Questions Pre Board Assessment

Concept Videos

Answered Unanswered My Questions My Answers
ICSE 10 - Maths
Ms sarita deposit RS 500 every month in a recurring deposit account for 2 years at 9% S.l per annum find. the interest she will earm in 2 years,the maturity value of deposit
Asked by sh489551 | 20 Sep, 2021, 02:58: AM
ANSWERED BY EXPERT
ICSE 10 - Maths
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
ANSWERED BY EXPERT
ICSE 10 - Maths
upriya has a recurring deposit account in a bank. She deposits Rs 600 per month for 6 years. If at the end of maturity period she gets Rs 53,712, find the rate of interest.Immersive Reader  
Asked by paawanthaker2305 | 29 Jul, 2020, 03:56: PM
ANSWERED BY EXPERT
ICSE 10 - Maths
Preeti has a recurring deposit account of Rs 1000 per month at 10%per annum. If she gets Rs 5550 as interest at the time of maturity, fund the total time for which the account was held. Formula is this:SI =Px1/2n(n+1)x 1/12xR /100
Asked by bejibickey8482.10sdatl | 22 Apr, 2020, 12:25: PM
ANSWERED BY EXPERT
ICSE 10 - Maths
q 10
Asked by nilesh.dhote74 | 19 Apr, 2020, 10:27: PM
ANSWERED BY EXPERT
ICSE 10 - Maths
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 | 30 Mar, 2020, 03:03: PM
ANSWERED BY EXPERT
ICSE 10 - Maths
Mr. Sony had a R.D.account and deposits Rs.750 Per month for 2 years. If he gets Rs.19125 at the time of maturity. Find the rate of interest.
Asked by Bhoomibharti75 | 05 Mar, 2020, 04:53: PM
ANSWERED BY EXPERT
ICSE 10 - Maths
Sharma deposits a certain sum of money each month in a recurring deposit account of a bank if the rate of interest is 9% per annum and Sharma gets 5565 after 1 year and 3 months on the maturity find the value of his monthly installment
Asked by prakharsingh1402 | 09 Dec, 2019, 01:58: PM
ANSWERED BY EXPERT
ICSE 10 - Maths
Mr thomas has a 4 years cumulative time deposits accounts in corporation Bank and deposits rs 650 per month if he receives rs 36296 at the time of maturity finf- 1. The total interest earned by mr thomas. 2. The rate of interest per annum.
Asked by Dipshikaparajuli | 15 Jun, 2019, 09:32: PM
ANSWERED BY EXPERT
ICSE 10 - Maths
If a man got 6 persent rate of interst from a bank he gives in the bank 1000rs per month so in the end of the year he will got  how much amount
Asked by Sanjaykumargupta29698 | 11 Jun, 2019, 09:52: PM
ANSWERED BY EXPERT
My Class Videos Tests ₹ Plans Ask a Doubt

Start your hassle free Education Franchisee and grow your business!

Know more
×