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Question
Aarushi has a recurring deposit account for 2 years at 6% pa. She receives Rs 1,125 as interest on maturity.
(a) Find the monthly instalment amount.
(b) Find the maturity amount.
Solution
Given that Recurring deposit per month = P, Period= 2 years = 24 Months, R=6 %, Interest amount =Rs 1, 125
Money deposited= Monthly value x No of Months= P x 24=Rs 24P
Total Principal for 1 Month = Rs `("P" xx (24) (24 +1))/2` = Rs 300 P
Interest= Principal for One month x RI ( 12 x 100)
..... (1)
Putting Values in (1), we get
Rs 1125 = `(300 P xx 6)/(12 xx 100)`
P = Rs `(1125 xx 12 xx 100)/(300 xx 6)`
P = Rs 750
Maturity amount = P x 24 + Interest
= 750 x 24 + 1125
⇒ Maturity amount= 19,125
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