Question

1.A person has an Recurring deposit account in a bank.He deposits Rs240 per month for 5 years.If he receives Rs17694 on maturity,find the rate of interest.

Answer 1

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Step-by-step explanation:

Principal amt =240

No:of yrs=60 months

MV =17694

MV =Pn+I

17694=240×60+I

I=3294

I=P×n(n+1)/2×12×r/100

3294=240×60×61/2×12×r/100

r=9%

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