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Question
Mr. Bajaj needs Rs. 30,000 after 2 years. What least money (in multiple of 5) must he deposit every month in a recurring deposit account to get required money at the end of 2 years, the rate of interest being 8% p.a.?
Solution
Let installment per month = Rs. P
Number of months (n) = 24
Rate of interest = 8% p.a
∴ `S.I. = P xx (n(n + 1))/(2 xx 12) xx r/100`
= `P xx (24(24 + 1))/(2 xx 12) xx 8/100`
= `P xx 600/24 xx 8/100`
= Rs. 2P
Maturity value = Rs. (P × 24) + Rs. 2P = Rs. 26P
Given maturity value = Rs. 30,000
Then 26P = Rs. 30,000
`\implies` P = Rs. `30000/26`
= Rs. 1153.84
= Rs. 1155 ...(Multiple of 5)
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