Question

11. Mr. Gupta opened a recurring de
Gupta opened a recurring deposit account
a bank. He deposited 2,500 per month for
two years. At the time of maturity he got
67,500. Find :
(i) the total interest earned by mr gupta
(2) the rate of interest per annum​

Answer 1

P = 2500 rupees

No. of months = 24

Rate = r %

Maturity Amount = 67500 rupees

Maturity value:-

$p \times n + p \times \frac{n(n + 1)}{2 \times 12} \times \frac{r}{100} \\ 67500 = 2500 \times 24 + 2500 \times \frac{24(24 + 1)}{2 \times 12} \times \frac{r}{100} \\ r = \frac{(67500 - 2500 \times 24) \times (2 \times 12) \times 100}{2500 \times 24 \times 25} \\ r = 12\%$

Interest :-

$2500 \times \frac{24(24 + 1)}{2 \times 12} \times \frac{12}{100} \\ = > 7500rupees$

Hope it helped you.

Answer 2

Answer:

i) 7500

ii) r=12% is the answer