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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. 8088 from the Bank After 3 Years, Find the Value of His Monthly Instalment. - Mathematics

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. 8088 from the bank after 3 years, find the value of his monthly instalment.

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Solution

Let the value of monthly instalment be Rs. X.
Maturity value (M.V.) = Rs. 8088
Period = n = 3 years = 36 months
Rate of interest = r = 8% p.a.

S.I = `P xx (n(n+1))/(2xx12) xx r/100`

`= X xx (36 xx 37)/24 xx 8/100`

=  4.44X

Total amount of maturity = 36X + 4.44X

`=> 8088 = 40.44X`

`=> X = 200`

Thus, the value of monthly installment is Rs. 200.

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APPEARS IN

Selina Concise Maths Class 10 ICSE
Chapter 2 Banking (Recurring Deposit Account)
Exercise 2 (B) | Q 8 | Page 24
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