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Question

Mrs. Rita deposits Rs 1600 every month in recurring deposit account at 9% p.a. simple interest. She receives Rs 65,592 at the time of maturity. What is the total time for which the account was held?



Your Answer
A

16 months

Your Answer
B

24 months

Your Answer
C

47 months

Correct Answer
D

36 months


Solution

The correct option is D

36 months


Let the number of installments be x

Monthly installment = Rs 1600

Equivalent principal for 1 month =1600 × x(x+1)2

Interest = 1600×x(x+1)2×112×9100

1600x+1600×x(x+1)2×112×9100=65,592

3x2+803x32796=0

(x-36)(3x+911) = 0

x = 36 and x = -911/3 (neglecting -911/3 as x cannot be negative as it time period)

Therefore, the time for which he held the account = 36 months or 3 years.

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