Question

8. A man has a 5 year recurring deposit account in a bank and deposits * 240 per month. If
he receives 17,694 at the time of maturity, find the rate of interest.​

Answer 1

Step-by-step explanation:

Principal amt =240

No:of yrs=60 months

MV =17694

MV =Pn+I

17694=240×60+I

I=3294

I=P×n(n+1)/2×12×r/100

3294=240×60×61/2×12×r/100

r=9%

Answer 2

Answer:

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Step-by-step explanation:

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