# BOARD QUESTIONS: Do give correct answer of the 10th question."DO NOT SEND ANSWERS THROUGH LINKS" Q.10. Sameer opened a cumulative time deposit account with a bank for 2 years. If the rate of interest is 10 % per annum and the bank pays Rs. 7950 on maturity, find how much did Sameer deposit per month. [Rs. 300]

Dear Student,

Given Maturity value of a cumulative deposit =  Rs. 7950
And
Time  =  2 year  =  24 months
And
Rate of interest  = 10%

We know formula for cumulative deposit or recurring deposit , As :

Interest  =

Here P  =  Instalment per month
n  =  Number of months for which cumulative deposit account is opened
R  = Rate of interest per annum
T  = $\frac{1}{12}$Years  ,

Here Let Monthly instalment  = x

And  as we get maturity value of a cumulative deposit account is 31,000 in 2 years , SO we get

24x  + =  7950

24x  + =  7950

24x  + $\frac{300x}{120}$ =  7950

24x  + $\frac{5x}{2}$ =  7950

$\frac{53x}{2}$=  7950

x  =  300

So,

Monthly instalment  =  Rs. 300

Regards

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