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Question
Mr. Britto deposits a certain sum of money each month in a Recurring Deposit Account of a bank. It the rate of interest is of 8% per annum and Mr. Britto gets Rs. 8,088 from the bank after 3 years, find the value of his monthly instalment.
Solution
Let the value of monthly instalment be Rs. x
Maturity value (M.V.) = Rs. 8,088
Period = n = 3 years = 36 months
Rate of interest = r = 8% p.a.
∴ `S.I. = P xx (n(n+1))/(2xx12) xx r/100`
= `x xx (36 xx 37)/24 xx 8/100`
= `444/100x`
= 4.44x
Total amount of maturity = 36x + 4.44x
`\implies` 8088 = 40.44x
`\implies` x = 200
Thus, the value of monthly instalment is Rs. 200.
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