Approach to Solve Depreciation Rate Based Questions
Mr Britto dep...
Question
Mr Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. If the rate of interest is 8% per annum and Mr Britto gets Rs. 8,088 from the bank after 3 years, find the value of his monthly installment.
A
Rs 200
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B
Rs 100
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C
Rs 350
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D
Rs 500
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Solution
The correct option is A Rs 200 Let the value of the monthly installment be Rs P. Since rate of interest (r) = 8% Number of months, n=3×12=36 Maturity value (M.V.) = Rs 8088 ∴M.V.=(P×n)+P×n(n+1)2r12×100 ⇒8088=P×36+P×36×372×812×100 ⇒8088=36P+4.44P ⇒8088=40.44P ⇒P=808840.44=200 Thus, the value of his monthly installment is Rs 200.