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%;
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 (period) of this R.D. Account.
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It's above equation is
400n + {4n(n + 1)}/3 = 16176
Multiplying it by 3 in both sides, then we get
400n x 3 + {4n(n + 1)}/3 x 3 = 16176 x 3
or 1200n + 4n^2 + 4n = 48528
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