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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 C

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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