A recurring deposit account of Rs 1200 per month has a maturity value of Rs 12440. If the rate of interest is 8% and the interest is calculated at the end of every month. Find the time (in months) of this recurring deposit account.

10 months

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11 months

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24 months

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8 months

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Solution

The correct option is A
10 months

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A recurring deposit account of Rs 1200 per month has a maturity value of Rs 12440. If the rate of interest is 8% and the interest is calculated at the end of every month. Find the time (in months) of this recurring deposit account.

The correct option is A 10 months

The correct option is A
10 months