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ICSE Class 10 Answered

how to find the no. of months in banking
Asked by yourdadisalive007 | 23 Nov, 2018, 03:48: PM
answered-by-expert Expert Answer
I assume this question is related to calculating period in terms number of months for recurring deposit calculation.
 
In recurring deposit, fixed amount is deposited for a period of n months.
 
Then period for calculating interest is considered as n(n+1)/2 months.
 
The theory behind this calculation is as follows.
 
First month deposit will be with the bank for n months
Second month deposit will be with the bank for (n-1) months
Third month deposit will be with the bank for (n-2) months
.............................................
....................................................
(n-1)th month deposit will be with the bank for 2 months
nth month deposit will be with the bank for 1 months
 
Hence total number of months is sum of  1+2+3.......+(n-1)+n  which is sum of first natural numbers.
This sum = n(n+1)/2
Answered by Thiyagarajan K | 24 Nov, 2018, 10:44: AM

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