A monthly recurring deposit of Rs.1000 deposited in the beginning of every month of a year will yield a maturity value of Rs. 12,520 at the end of the year. what is the rate of the annual simple interest?
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Answer:
=8.694%
Step-by-step explanation
you start by using the PRT/100 formula the principal amoun being 12000 because its 1000 per month for an year so it will be 1000*12. Then you get the rate
A=PRT/100
12520=12000*R*12/100
12520=1440R
Divide both sides with 1440 to get the rate
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