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,
Here is the solution of your asked query:

Answer :

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  = $P \times \frac{n\left( n + 1 \right)}{2}\times \frac{RT}{100}$

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  + $x \times \frac{24 \left(24 +1 \right)}{2}\times \frac{10\times {\displaystyle \frac{1}{12}}}{100}$ =  7950

24x  + $x \times 12 \times 25\times \frac{{\displaystyle 1}}{120}$ =  7950

24x  + $\frac{{\displaystyle 300x}}{120}$ =  7950


24x  + $\frac{{\displaystyle 5x}}{2}$ =  7950

$\frac{{\displaystyle 53x}}{2}$=  7950

x  =  300


So,

Monthly instalment  =  Rs. 300                                                                                 

Regards