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Question

Akash deposited ₹2000 per month in a recurring deposit account. If rate of interest on recurring deposit is 24% per annum and he gets ₹27120 on maturity, find the time (in months) of his recurring deposit account.

  1. 12

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Solution

The correct option is A 12

Given P = 2000
r = 10%
Let number of months be 'n '
Amount deposited P × n = 2000 n
Interest = P×n(n+1)2×12×(r100)
I = 2000×n(n+1)2×12×(24100)=20×n(n+1)=20(n2+n)
Maturity value = Amount deposited + Interest
27120 = 2000n+20(n2+n)
1356 = 100n + n2 + n

n2+101n1356=0

n2+113n12n1356=0

n(n+113) - 12(n+ 113) = 0

n = -113 or n = 12

Since time period cannot be negative, n = 12 months.


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