Mrs. Rita deposits ₹1600 every month in recurring deposit account at 9% p.a. simple interest. She receives ₹65,592 at the time of maturity. What is the total time for which the account was held?

A.

16 months

B.

24 months

C.

47 months

D.

36 months

Let the time of the recurring deposit in month be n 

Monthly installment = ₹1600

Amount Deposited = 1600 x n = 1600n 

Rate of Interest = 9%

Interest = P × n×(n+1)2× 12 ×  r100

             =  1600 × n×(n+1)2× 12 × 9100

             = 6 ×n × (n+1)

            = 6 n2 + 6 n

Given Maturity Value = 65592

Maturity Value = Amount Deposited + Interest

     65592 = 1600n + 6 n2 + 6 n

    65592 = 1606n + 6 n2

   6 n2 + 1606 n - 65592 = 0

   (n-36)(3n+911) = 0

n = 36 and n = -911/3 (neglecting -911/3 as n cannot be negative as it time period)

Therefore, the time for which he held the account = 36 months or 3 years.