Question

The maturity value of a R.D. account is Rs. 16,176. If the monthly instalment is Rs. 400 and the rate of interest is 8%; find the time (**) of this R.D. Account.

Answer 1

Installment per month (P) = Rs. 400

Number of months (n) = n

Let rate of interest (r) = 8 % p.a.

Given maturity value = Rs. 16,176

Then number of months = 36 months = 3 years Ans