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Question

# Mr. Singh get Rs. 6455 at the end of one year at the rate of 14% per annum in a Reccuring deposit account. The monthly installment is ___.

A

Rs. 600

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B

Rs. 500

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C

Rs. 700

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D

Rs. 550

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Solution

## The correct option is B Rs. 500 Suppose Mr.Singh deposited Rs. 100 per month (P =100) Money deposited in 12 Months = 12 × 100 = 1200 Interest will be P×n(n+1)2×12×x100 I = 100×12×132×12×14100=Rs.91 Maturity value = P × n + Interest Maturity value = 1200+ 91 Maturity value = 1291 Now applying the unit any method we get When maturity value is 1291, Monthly installment is 100 so when maturity value is 6455. monthly installment will be 1001291×6455=500

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