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Question
Rekha opened a recurring deposit account for 20 months. The rate of interest is 9% per annum and Rekha receives Rs. 441 as interest at the time of maturity. Find the amount Rekha deposited each month.
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Solution
Let the monthly installment i.e P = Rs. x.
Since n = 20 months and r = 9%
∴ Interest `= P xx (n(n + 1))/(2 xx 12) xx r/100`
= `(x xx 20(21))/(2 xx 12) xx 9/100`
= `(x xx 20 xx 21)/(2 xx 12) xx 9/100`
= `(x xx 5 xx 7 xx 9)/(2 xx 100)`
Interest = 1.575 × P
Interest = 441 {Given}
⇒ 1.575x = 441
⇒ x = 280 Rs.
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