1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

# A man deposited a sum of Rs 400 every month is a recurring deposit account at an interest rate of 8% per annum. If he gets a maturity amount Rs 5008 after the end of maturity period, then the period for which he deposited the amount is ________

A

2 years

No worries! We‘ve got your back. Try BYJU‘S free classes today!
B

1.5 years

No worries! We‘ve got your back. Try BYJU‘S free classes today!
C

1 year

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D

2.5 years

No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

## The correct option is C 1 year Given P = Rs 400 r = 8% Let number of month he deposited money be n Then Amount deposited = 400 m Interest = p×n(n+1)2×12(r100) I = p×n(n+1)2×12(8100)=43 n (n+1) Maturity Value = Amount deposited + Interest 5008 = 400 n + 43 n (n+1) 15024 = 1200n+4n2+4n 3756 = 300n+n2 +n n2+301n-3756=0 n2+313n-12n-3756=0 n(n+313)-12(n+313)=0 (n-12)(n+313)=0 n=12 or -313 ( Month cannot be -ve hence -313 is not possible) n = 12 months = 1 year

Suggest Corrections
0
Join BYJU'S Learning Program
Related Videos
Application of Compound Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program