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(i) Mr. Gulati has a Recurring Deposit Account of Rs. 300 per month. If the rate of interest is 12% and the maturity value of this account is Rs. 8,100;

find the time (in years) of this Recurring Deposit Account. (ii) Mr. Bajaj needs Rs. 30,000 after 2 years. What least money (in multiple of Rs. 5) must be deposit every month in a recurring deposit account to get required money after 2 years, the rate of interest being 8% p.a.?

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P = Rs 300 r = 12% per annum = 1% per month Sum on maturity= Rs 8,100. let n be number of months after which the amount become mature.

the first installment earns interest for n months, the second one for n-1 months, and the last installment earns interest for 1 month. The sum is a geometric series with ratio 1+r/100.