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Question

# If the maturity amount in a recurring deposit account is Rs. 40000 and monthly installments is Rs. 400, find the number of installments. (Maturity value of recurring deposit accounts of monthly instalment of Rs. 10)

A
60
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B
61
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C
62
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D
63
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Solution

## The correct option is A 60The maturity value of Rs. 10 deposit per month for 60 months is 400.1435.Therefore, for monthly installment 10×40, then maturity amount is Rs. 400.1435 which is very near to Rs. 40000.Here the number of installments =60.

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