Question

7. Deepa has a 4-year recurring deposit account
in a bank and deposits 1,800 per month. If
she gets 1,08,450 at the time of maturity,
find the rate of interest.​

Answer 1

Step-by-step explanation:

Installment per month(P) = Rs. 600

Installment per month(P) = Rs. 600Number of months(n) = 20

Installment per month(P) = Rs. 600Number of months(n) = 20Rate of interest (r) = 10% p.a.

Installment per month(P) = Rs. 600Number of months(n) = 20Rate of interest (r) = 10% p.a.

Installment per month(P) = Rs. 600Number of months(n) = 20Rate of interest (r) = 10% p.a. The amount that Manish will get at the time of maturity

Installment per month(P) = Rs. 600Number of months(n) = 20Rate of interest (r) = 10% p.a. The amount that Manish will get at the time of maturity=Rs (600 x 20)+ Rs 1,050

Installment per month(P) = Rs. 600Number of months(n) = 20Rate of interest (r) = 10% p.a. The amount that Manish will get at the time of maturity=Rs (600 x 20)+ Rs 1,050=Rs 12,000+ Rs 1,050

Installment per month(P) = Rs. 600Number of months(n) = 20Rate of interest (r) = 10% p.a. The amount that Manish will get at the time of maturity=Rs (600 x 20)+ Rs 1,050=Rs 12,000+ Rs 1,050= Rs 13,050 Ans.