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Question
Rekha opened a recurring deposit account for 20 months. The rate of interest is 9% per annum and Rekha receives Rs. 441 as interest at the time of maturity.
Find the amount Rekha deposited each month.
Solution
Let the monthly installment i.e P = Rs. x.
Since n = 20 months and r = 9%
∴ Interest `= P xx (n(n+1))/(2xx12) xx r/100`
`= (x xx 20 (21))/(2xx12) xx 9/100`
` = (x xx20xx21 )/(2xx12) xx 9/100`
` = (x xx 5xx7xx9)/(2xx100)`
Interest = 1.575 x Rs.
Interest = 441 {Given}
⇒ 1.575 x = 441
⇒ x = 280 Rs .
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