Advertisements
Advertisements
Question
Mr. Banerjee opens a recurring deposit account for Rs 3,000 per month at 9% simple interest pa. On maturity, he gets Rs. 1,70,460. Find the period for which he continued with the account.
Advertisements
Solution
Given that cumulative deposit per month =Rs 3000, Period= t Months, R=9°/o, Maturity amount= Rs. 1,70,460
Money deposited= Monthly value x No ofMonths=3000 x t= Rs 3000t
Total Principal for 1 Month = `(3000 xx ("t")("t" + 1))/2`
= 1500t2 + 1500 t
Interest= Principal for One month x RI ( 12 x 100)
..... ( 1)
Putting Values in (1), we get
170460 - 3000 t = `((1500 "t"^2 + 1500 "t") xx 9)/1200`
170460 - 3000 t = `(45 "t"^2 + 45 "t")/4`
45t2 + 12045 t - 681840 = 0
45t2 - 2160 t + 14205 t - 681840 = 0
45t (t- 48) + 14205 (t- 48) = 0
(t - 48)(45t + 14205) = 0
t = 48 , t = `- 14205/45`
The number of months cannot be negative.
Hence, t = 48 months = 4 years
APPEARS IN
RELATED QUESTIONS
Mr. Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. It the rate of interest is of 8% per annum and Mr. Britto gets Rs. 8,088 from the bank after 3 years, find the value of his monthly instalment.
Mr Choudhury opened a Saving Bank Account at State Bank of India on 1st April 2007. The entries of one year as shown in his passbook are given below.
| Date | Particulars | Withdrawals (in Rs.) | Deposits (in Rs.) | Balance (in Rs.) |
| Ist April 2007 | By Cash | - | 8550.00 | 8550.00 |
| 12th- April 2007 | To Self | 1200.00 | -- | 7350.00 |
| 24th April 2007 | By Cash | - | 4550.00 | 11900.00 |
| 8th July 2007 | By Cheque | - | 1500.00 | 13400.00 |
| 10th Sept. 2007 | By Cheque | - | 3500.00 | 16900.00 |
| 17th Sept. 2007 | By Cheque | 2500.00 | - | 14400.00 |
| 11th Oct. 2007 | By Cash | - | 800.00 | 15200.00 |
| 6th Jan. 2008 | To Self | 2000.00 | - | 13200.00 |
| 9th March 2008 | By Cheque | - | 950.00 | 14150.00 |
If the bank pays interest at the rate of 5% per annum, find the interest paid on 1st April 2008. Give your answer correct to the nearest rupee.
Ritu has a Recurring Deposit Account in a bank and deposits Rs. 80 per month for 18 months. Find the rate of interest paid by the bank if the maturity value of the account is Rs. 1,554.
Manu opened a savings bank account in the state bank of India on 3rd sept, 12 with Rs. 2,700. He withdrew Rs. 1,200 from the bank on 8th sept, 12 and deposited Rs. 500 on 17th sept, 12. If he did not make any further deposits or withdrawals during this month; find the amount on which he would receive interest for sept, 12.
A page from the savings bank account of Mr. Prateek if given below.
| Date | Particulars | Withdrawals (In Rs) | Deposits (In Rs) | Balance (In Rs) |
| January 1st 2006 | B/F | - | - | 1,270 |
| January 7th 2006 | By Cheque | - | 2,310 | 3,580 |
| March 9th 2006 | To self | 2,000 | - | 1,580 |
| March 26th 2006 | By cash | - | 6,200 | 7,780 |
| June 10th 2006 | To Cheque | 4,500 | - | 3,280 |
| July 15th 2006 | By clearing | - | 2,630 | 5,910 |
| October 18th 2006 | To Cheque | 530 | - | 5,380 |
| October 27th 2006 | To self | 2,690 | - | 2,690 |
| November 3rd 2006 | By cash | - | 1,500 | 4,190 |
| December 6th 2006 | To cheque | 950 | - | 3,240 |
| December 23rd 2006 | By Transfer | - | 2,920 | 6,160 |
If h receives Rs. 198 as interest on 1st January, 2007, Find the rate of interest paid by the bank.
Given below is a page from the passbook of the savings bank account of Mr. Rajesh. Complete the entries in the passbook and calculate the interest paid to him by the bank at 6°/o pa in the end of June.
| Date | Particulars | Withdrawals | Deposits | Balance |
| 08.02.2008 | By Cash | 12000.00 | ||
| 15.03.2008 | To cash | 3000.00 | ||
| 08.04.2008 | To Cheque | 2500.00 | ||
| 18.04.2008 | By Cash | 16000.00 | ||
| 10.06.2008 | By Cash | 800.00 |
Kiran deposited 200 per month for 36 months in a bank’s recurring deposit account. If the bank pays interest at the rate of 11% per annum, find the amount she gets on maturity.
A page from the Savings Bank Account of Mr. Prateek is given below:
| Date | Particulars | Withdrawals (in ₹) |
Deposits (in ₹) |
Balance (in ₹) |
| January 1st, 2006 | B/F | - | - | 1,270 |
| January 7th, 2006 | By Cheque | - | 2,310 | 3,580 |
| March 9th, 2006 | To Self | 2,000 | - | 1,580 |
| March 26th, 2006 | By Cash | - | 6,200 | 7,780 |
| June 10th, 2006 | To Cheque | 4,500 | - | 3,280 |
| July 15th, 2006 | By Clearing | - | 2,630 | 5,910 |
| October 18th, 2006 | To Cheque | 530 | - | 5,380 |
| October 27th, 2006 | To Self | 2,690 | - | 2,690 |
| November 3rd, 2006 | By Cash | - | 1,500 | 4,190 |
| December 6th, 2006 | To Cheque | 950 | - | 3,240 |
| December 23rd, 2006 | By Transfer | - | 2,920 | 6,160 |
If he receives ₹198 as interest on 1st January 2007, find the rate of interest paid by the bank.
Ankita started paying Rs 400 per month in a 3 years recurring deposit. After six months her brother Anshul started paying Rs 500 per month in a `2(1)/(2)` years recurring deposit. The bank paid 10% p.a. simple interest for both. At maturity who will get more money and by how much?
Rajiv Bhardwaj has a recurring deposit account in a bank of Rs 600 per month. If the bank pays simple interest of 7% p.a. and he gets Rs 15450 as maturity amount, find the total time for which the account was held.
