( Rekha opened a recurring deposit account for 20 months The rate of interest is 99% per annum and - Maths - Compound Interest

Question

( Rekha opened a recurring deposit account for 20 months The rate
of interest is 99% per annum and Rekha receives 441 as interest at
the time of maturity Find the amount Rekha deposited each month Use
a graph sheet for this question Take 1 cm ni

Md. Ateequr Rahman · Accepted Answer

Dear Student,

Given:
number of months(n) = 20
rate(r) = 9% p a
Interest(I) = Rs 441
Principal(P) = ?

We know, for recurring deposit,'

I =P*n(n+1)*r2*12*100

or,

P = I*2*12*100n(n+1)*r

Therefore, P = (441*2*12*100) / (20 * 21 * 9) = 28

So, Rekha deposited Rs 28 per month

I hope you understood

Regards