Rekha opened a recurring deposit account for 20 months

Asked by admin @ 20/08/2021 in Hindi viewed by 369 People

Rekha opened a recurring deposit account for 20 months.The rate of interest is 9% per annum and rekha recieves rupees 441 as interest at the time of maturity. Find the amount deposited by Rekha each month

Answered by admin @ 20/08/2021

The amount deposited by Rekha each month is Rs 280

Explanation :

The interest after maturity is given by,

I = Pn(n+1)R/2400

where,

P = principle deposited every month,

R = Rate of interest given by bank = 9%

n = time period in months for which recurring deposit is made = 20

putting the given values in the above equation,

441 = P x 20 x 21 x 9/2400

=> P = (441 x 2400)/(20 x 21 x 9)

=> P = 280

Hence the amount deposited by Rekha each month is Rs 280

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