ICSE Class 10 Answered
sheethal has a recurring deposit account in a bank and deposit rupees 300 and at rate of interest of 7℅ and recieved rupees 7725 on maturity, find the time which would the account will be held
Asked by jesnamariaroy2626 | 10 Mar, 2024, 11:28: AM
Expert Answer
Recurring deposit interest I is
where p is principle amount deposited every month, n is number of months , r is rate of interest.
if Rs.300 is principal amoumt deposited monthly for a period of n months ,
then interest I of recurring deposit with 7% interest is
Above expression is simplified as
7 n2 + 2407 n - 61800 = 0
By solving above quadratic equation , we get n = 24
Hence period of recurring deposit is 24 months.
Answered by Thiyagarajan K | 10 Mar, 2024, 01:57: PM
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