Question

6. Ahmed has a recurring deposit account in a bank. He deposits *2500 per month for 2 years.
If he gets 66250 at the time of maturity, find:

(i) the interest paid by the bank
To (ii) the rate of interest. )
​

Answer 1

Answer:

I = MV - nx

I = 66250-(2500*24)

I=66250-60000

I = 6,250

6250 = 2500*24*25*R/2*12*100

6250=625R

R =10%

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Answer 2

Step-by-step explanation:

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