ICSE Class 10 Answered
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
Let Instalment per month(P) = Rs y
Number of months(n) = 15
Rate of interest(r)= 9%p.a.
Maturity value= Rs(y x 12 + 0.9y)= Rs 12.9y
Given maturity value= Rs 5565
Then Rs 12.9y = Rs 5565