q 10

Asked by nilesh.dhote74 | 19th Apr, 2020, 10:27: PM

Expert Answer:

Let the value of the instalment be Rs. P
Here M.V. = Rs. 55320, r = 6% and n (number of months) = 5 yrs = 60 months
We know that, 
Maturity space value space of space recurring space deposite space equals space straight P cross times straight n plus straight P cross times fraction numerator straight n open parentheses straight n plus 1 close parentheses over denominator 2 cross times 12 end fraction cross times straight r over 100
rightwards double arrow 55320 equals straight P cross times 60 plus straight P cross times fraction numerator 60 cross times 61 over denominator 2 cross times 12 end fraction cross times 6 over 100
rightwards double arrow 55320 equals 60 straight P plus 9.15 straight P
rightwards double arrow 55320 equals 69.15 straight P
rightwards double arrow straight P equals fraction numerator 55320 over denominator 69.15 end fraction equals 800
Therefore comma space the space value space of space the space monthly space instalmeny space is space Rs. space 800.

Answered by Renu Varma | 20th Apr, 2020, 12:20: PM