Question

A man deposits₹.300 per month in a reccurring account for a period of 2 years. At the time of maturity he gets ₹.9000. Find the rate of interest per annum

Answer 1

Answer:

= 25 %

Step-by-step explanation:

2 years = 24 months

amount he deposited in 2 years = 300*24 = 7,200

then the amount he got as intrest = 1800

P R T ÷ 100 = SI

» 300 * R * 24 ÷ 100 = 1700

» R = 1800 × 100 ÷ 300 × 24

» R = 1/4 = 25 %