ICSE Class 10 Answered
Beena has a cumulative deposit account of ₹400 per month at 10% per annum simple interest. If she gets ₹30100 at the time of maturity, find the total time for which the account was held.
Asked by www.adityakumarjaiswal622 | 21 Jan, 2019, 07:55: AM
Expert Answer
If p is deposit amount every month and r is rate of interest, then interest I of cumulative deposit for n months is given by
hence we have,
above equation is simplified as : n2 + 241n - 18060 = 0 ..............(1)
after factorising LHS of eqn.(1), it is rewritten as, (n+301)(n-60) = 0
hence n = 60 months = 5 years
Answered by Thiyagarajan K | 21 Jan, 2019, 08:19: AM
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