A cumulative deposit account of monthly installment of 3600 at 9 percent per annum simple intrest earns an interest of 17982. find the number of installments paid ?

Answers (1)

Given Monthly installment = $$ Rs 3600

The amount of interest on each deposit in every month

                                                                          =  $$ Rs 3600 	imesfrac9100 	imes 12 = Rs .27

If $$n is the number of deposit made then the total amount on all deposit  $$ = 27 (n frac(n+1)2 )

                                                                                              $$ = 27 (n frac(n+1)2 ) = 17982 $$\ $$ n(n+1) = 1332 $$\ $$ 36 	imes 37 = 1332 $$\ $$ n= 36

Hence,  number of installment paid = 36 

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