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A man has a Recurring Deposit Account in abank for 3/2 years. If the rate of interest is 12%per annum and the man gets * 10,206 onmaturity, find the value of monthly instalments. |
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Answer» Step-by-step explanation: r=12% M.V=10206 P=? M.V=p*n+p*(n(n+1)/2*12)*r/100 10206=18p+p* (18*19/2*12)*12/100 10206 =18p+1.71p 19.71p=10206 p=517.81 |
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