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ICSE Class 10 Answered

Mr.R.K.Nair gets rs 6455 at the end of one year at the rate of 14 percent per annum INA recurring deposit account.Find the monthly instalment  
Asked by 344569583024498 | 17 Dec, 2018, 05:47: PM
answered-by-expert Expert Answer
MV = Rs. 6455, n = 1 year = 12 months, r = 14% per annum
MV = 6455
begin mathsize 16px style Pn 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 equals 6455
12 straight P plus straight P cross times fraction numerator 12 cross times 13 over denominator 2 cross times 12 end fraction cross times 14 over 100 equals 6455
straight P open parentheses 12 plus fraction numerator 12 cross times 13 over denominator 2 cross times 12 end fraction cross times 14 over 100 close parentheses equals 6455
straight P equals Rs. space 500 end style
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