Advertisements
Advertisements
Question
Suresh has a recurring deposit account in a bank. He deposits ₹ 2000 per month and the bank pays interest at the rate of 8% per annum. If he gets ₹ 1040 as interest at the time of maturity, find in years total time for which the account was held.
Advertisements
Solution
Deposit per month P = ₹ 2000
Rate of interest R = 8%
Interest earned, I = ₹ 1040
Let n months be the length of time for which money is invested.
Then, by formula
I = `(P xx n(n + 1))/(2 xx 12) xx r/100`
1040 = `2000 xx (n(n + 1))/(2 xx 12) xx 8/100`
1040 = `(20 xx n xx (n + 1))/3`
52 × 3 = n2 + n
n2 + n – 156 = 0
n2 + 13n – 12n – 156 = 0
n(n + 13) – 12(n + 13) = 0
(n – 12)(n + 13) = 0
n = 12 ...(∵ n = –13, is not possible)
As a result, the time period for which money is invested is 12 months or 1 year.
RELATED QUESTIONS
Gopal has a cumulative deposit account and deposits Rs. 900 per month for a period of 4 years he gets Rs. 52,020 at the time of maturity, find the rate of interest.
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.
Zafarullah has a recurring deposit The list price of the television be? 12,500. account in a bank for 3½ years at 9.5% S.I. p.a. If he gets Rs. 78,638 at the time of maturity. Find the monthly instalment.
Mohan saves Rs. 25 per month from his pocket allowance and puts this saving every month in a bank recurring deposit scheme for a period of 72 months at 5.25%. What amount does he get on maturity?
Haneef has a cumulative bank account and deposits Rs. 600 per month for a period of 4 years. If he gets Rs. 5880 as interest at the time of maturity, find the rate of interest.
Samita has a recurring deposit account in a bank of Rs 2000 per month at the rate of 10% p.a. If she gets Rs 83100 at the time of maturity. Find the total time for which the account was held.
Mr. Dhruv deposits Rs 600 per month in a recurring deposit account for 5 years at the rate of 10% per annum (simple interest). Find the amount he will receive at the time of maturity.
Radha deposited ₹ 400 per month in a recurring deposit account for 18 months. The qualifying sum of money for the calculation of interest is ______.
A certain money is deposited every month for 8 months in a recurring deposit account at 12% p.a. simple interest. If the interest at the time of maturity is ₹ 36, the monthly instalment is ______.
A certain money is deposited in a recurring deposit account for 15 months. If the interest earned for this deposit is one-fifth of the monthly instalment; the rate of interest is ______.
