Question

2. (a) Mr Sharma deposits * 250 per month in a recurring deposit account for a period of 3 years. At


the time of maturity he gets 10,110.


(i) Find the rate of simple interest per annum.


(ii) Find the total interest earned by Mr Sharma.


(b) Ms Chatterjee deposits 100 per month in a cumulative deposit account for a period of 5 vears.

Answer 1

Given:

2 (a)

Monthly instalment= 250

time = 3 years

Maturity  value= 10,110

2(b)

Monthly instalment= 100

time= 5 years

To find:

Simple interest per annum= ?

total money=?

Solution:

Monthly instalment: 250  

time:  3 years = 36 months,

Amount deposited = $250 \times 36$

                                 $= 9000$

Maturity value = 10,110

i)

$Interest = \frac{n(n+1)}{2}\times \frac{instalment\times rate}{100\times12} \ where, \ n\ = time$

$1,110= \frac{36(36+1)}{2}\times \frac{250\times rate}{100\times12} \\\\1,110= \frac{3\times 37}{1}\times \frac{5\times rate}{4\times1} \\\\1,110=\frac{3\times 37 \times 5 \times rate}{4}\\\\rate= \frac{1,110 \times 4}{3\times37\times5 }\\\\rate= 8 \%$

ii)

Interest = (10,110 - 9000) = 1,110

2(b) In this question nothing is to ask so, we leave this question.

Answer 2

Step-by-step explanation:

2 . b) p = ₹ 100

t = 5 years

n = 5×12=60

maturity amount = ₹7220

deposited money = n×p

= 60 × 100 = ₹ 6000

interest = ₹ 7220 - ₹ 6000

= ₹ 1220 ( answer)

rate = ?

I = p×r ×n ×(n +1) / 2400

1220 = (100 × r × 60 × 61 ) / 2400

( 1220 × 2400 ) / 100 × 60 ×61 = r

8 % = r

rate = 8 % p.a ( answer)

Your 2b question is incomplete . So please kindly complete the question properly. I have the same question in my book so , I was able to answer it

Thank You