Ben deposits a certain sum of money each month in a recurring deposit account of a bank. If the rate of interest is 8% per annum and Ben gets Rs. 8,088 from the bank after 3 years, find the value of his monthly instalment.
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Answer:
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Answer:
Rs. 200
Step-by-step explanation:
R = 8%p.a
MV = Rs. 8088
n = 3 x 12 = 36 months
MV = Pn + I
MV = Pn + Pn(n+1)R/2 x 12 x 100
8088 = 36P + (36P x 37 x 8/2 x 12 x 100)
8088 = 36P + (3P x 37 x 2/50)
8088 = 36P + 222P/50
8088 = (1800P + 222P)/50
404400 = 2022
P = 404400/2022
P = 200