Question

1. Haneef has a cumulative bank account and deposits *600 per month for a period of
4 years. If he gets 5880 as interest at the time of maturity, find the rate of interest.​

Answer 1

Answer:

Hi Mira, Here Is Your Answer

Step-by-step explanation:

Interest =Rs.5880

Monthly deposit (p)=Rs.600

$Period (n) = 4\ years\ or\ 48\ months$$

Hence, deposit for 1 month =p(n)(n+1)/2

=

2

600∗48∗49

=Rs. 75600

Let rate of interest =r % p.a

Interest=Prt/100

5880=

100∗12

705600∗r∗1

5880=588r

r=5880/588

r=10

Hence, the rate of interest is 10% p.a.

Hope It Helps You Mira