Question

a deposit of Rs500 fetches an interest of the 300 in 5yrs. what is rate of interest? ​

Answer 1

ANSWER

Amount deposited every month, P= 500

Number of months, n=5×12=60 months

Rate of interest, r=721% =215%

Total deposit made =Pn=500×60

                               = 30,000

Period for recurring deposit, N=121[2n(n+1)] years

                                               =241×60×61=2305 years

Interest, I=100PNr

                 =500×2305×2×10015

                 = 5,718.75

Total amount due =Pn+100PNr

                            =3

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