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Question

Sheela has a cumulative deposit account in Bank and deposits Rs. 300 the bank is 10% p.a. If the maturity value of her deposits is Rs. 7950, find the total time for which the account is held.'

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Solution

Given that
Sheela Deposits Rs. 300
Rate of Interest = 10% p.a
Maturity value of her deposits = 7950
Let 'n' be the number f months for which the account was held. Maturity value =300×n+300×n×(n+1)2×10100×1127950=300n+54(n2+n)
(on dividing the above equation by 5 we get)
1590=60n+14(n2+n) n2+241n6360=0 (n+265)(n24)=0 n=24,265 n=24
( Number of months cannot be -ve)
So, that account was held for 24 months or 2 years.

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