Question

Meena has a cumulative time deposit account of $Rs.340$ per month at $6\%$ per annum. If she gets $Rs.7,157$ at the time of maturity, find the total time for which the account was held.

Answer 1

$P=340Rsr=6\%PaHv=7157n=?$

$Mv=Pn+Px\frac{\left(n\right(n+1\left)\right)}{2}\times \frac{r}{12\times 100}$

$7157=340n+340\times \frac{n(n+1)}{2}\times \frac{6}{12\times 100}$

$n^2+41n-8420=0$

$n=\frac{-4\pm 188}{2}=73.5$ or $-114.5$

$n=-114.5\Rightarrow n=73.5$