Mr.Abhishak saves $R s . 1000$ every month and saves in recurring deposit scheme paying simple interest $10 %$ per annum. In order to receive a total amount of $R s . 5776$ , how many installments must be deposits ?

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Solution

$5776 = (1000) \times \frac{10}{100} \times n$
$n = \frac{5776}{100} = 57.76 \approx 58$
$58$ installments, $\frac{58}{12} = 4$ years $10$ months.

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Mr.Abhishak saves Rs. 1000 every month and saves in recurring deposit scheme paying simple interest 10% per annum. In order to receive a total amount of Rs. 5776, how many installments must be deposits ?

5776=(1000)×10100×nn=5776100=57.76≈5858 installments, 5812=4 years 10 months.

Mr.Abhishak saves $R s . 1000$ every month and saves in recurring deposit scheme paying simple interest $10 %$ per annum. In order to receive a total amount of $R s . 5776$ , how many installments must be deposits ?

$5776 = (1000) \times \frac{10}{100} \times n$
$n = \frac{5776}{100} = 57.76 \approx 58$
$58$ installments, $\frac{58}{12} = 4$ years $10$ months.