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Question
Mr. R.K. Nair gets Rs 6,455 at the end of one year at the rate of 14% per annum in a recurring deposit account. Find the monthly installment.
Solution
Let monthly instalment is Rs P
here n = 1 year = 12 months
n = 12
∵ M.V. = `("n"("n" + 1))/(2 xx 12) xx ("P" xx "R")/(100) + "P"."n"`
⇒ ₹6455 = `(12(12 + 1))/(2 xx 12) xx ("P" xx 14)/(100) + "P".12`
₹6455 = `(13 xx "P" xx 7)/(100) + "P".12`
⇒ ₹6455 = `(91"P" + 1200"P")/(100)`
⇒ ₹645500 = 1291P
⇒ P = `(645500)/(1291)`
= ₹500.
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