Question

3. Mr. Brown deposits 1100 per month in a cumulative
time deposit account in a bank for 16 months. If at
the end of maturity he gets * 19096, find the rate of
interest if interest is calculated at the end of each
month.
​

Answer 1

Answer:

12%p.a

Step-by-step explanation:

principal=Rs 1100  Time=16 months M.V.= Rs 19096

M.V = p*n + P*n(n+1)*r / 2*12* 100

19096= 1100*16+1100*16*17*r /2*12*100

19096= 17600 + 176*17*r / 2* 12*100

19090 - 17600 = 22*17 * r

1496* 3 / 22* 17 = r

ON DOING CANCELATION PROCESS WE GET

r= 12%p.a.

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Answer 2

Answer:

this Is crrcttt hopefully