Question

a person has a 2 years recurring deposit account in SBI and deposit Rupees 1500 per month if he receives rupees 37875 at the time of maturity.find the rate of interest.​

Answer 1

Answer:

rate=5%

Step-by-step explanation:

n=2*12=24 months,P=1500,MV=37875

Let the rate of interest per annum be r%

MV=P*n + P* {n(n+1)/2*12}*r/100

=P*n{1 + (n+1/2*12)* r*100}

=)37875=1500*24{1+(24+1)/2*12}*r/100 .........1

on solving the equation 1 we get,

r=5%

Hope it will help you