1. Deepak opened a recurring deposit account in a bank and deposited 1500 per month for 3 years. If she got 6,660 as interest, the rate of interest was :
Answers
Given: Principal amount in a recurring deposit = 1500 per month
Time = 3 years
Interest = 6660
To find: The rate of interest
Solution: We have P = 1500.
Now, n = 3 × 12 = 36 months
The formula to find simple interest in a recurring deposit is:
S.I. = P × n(n + 1)/(2 × 12) × r/100 (where r is the rate of interest)
Now putting the given values,
6660 = 1500 × 36(36 + 1)/(2 × 12) × r/100
⇒ 6660 = (15 × 3 × 37 × r)/2
⇒ r = (6660 × 2)/(15 × 3 × 37)
⇒ r = 4 × 2
⇒ r = 8
Hence, the rate of interest is 8 percent.
Given : Deepak opened a recurring deposit account in a bank and deposit rupees 1500 per month for 3 years.
She got 6660 rupees interest
To Find : the rate of interest
Solution:
Rate of interest = 12r % per annum
rate of interest per month = r % per month
Interest months = n(n + 1)/2 = 36 (37)/2 = 18 * 37
Interest = 1500 * r * (18 * 37) /100 = 6660
=> r * (18 * 37) = 444
=> r (18) = 12
=> r = 12/18
=> 12r = 12 * 12 /18
=> r = 8
Rate of interest = 8 % per annum
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