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Question

Dinesh has a Recurring Deposit Account in a bank for 312 years at 912%p.a. If he gets Rs 78,638 at the time of maturity, find the monthly instalment.

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Solution

Suppose the monthly instalment = Rs x
Time=312years=72×12months=42 months
Total amount deposited = Rs 42×x=Rs 42 x
Principal for 1 month = Monthly instalment ×n(n+1)2
=Rsx×42(42+1)3
=Rs 21x×43
= Rs 903 x
Interest=P×R×T100
=Rs903x×19×1100×12×2=Rs5719x800
According to question,
Amount received on maturity = 78638
Total money deposited + Interest = 78638
42x+5719800x=78638
33600x+5719x800=78638
39319x=78638×800
x=78638×80039319
x=Rs 1600
Monthly istalment = Rs 1600

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