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ICSE Class 10 Answered

Preeti has a recurring deposit account of Rs 1000 per month at 10% per annum. If she gets Rs 5550 as interest at the time of maturity, find the total time for which the account was held. 
Asked by mahesh.nankar | 25 Mar, 2019, 07:39: PM
answered-by-expert Expert Answer
Recurring deposit interest I is given by,
 
 I = p×[ n(n+1)/(2×12) ] (r/100)    ..............  (1)
 
where p is monthly contribution, p = Rs. 1000 ,
n = number of months,
r = rate of interest = 10%
and I = interest = Rs.5550
 
 hence by substituting the values in eqn.(1) we get
 
1000×[ n(n+1)/24 ]×(10/100) = 5550  or  n(n+1) = (24/100)×5550 = 1332
 
hence,  n2 +n -1332 =  (n+37) (n-36) = 0  hence number of months = 36
Answered by Thiyagarajan K | 25 Mar, 2019, 08:32: PM

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