Question

A= rupees.68,179.20, P= Rupees.67,000, R= 5.28% p.a. - find time. Step - by - step explanation

Answer 1

Answer:

ICSE Class 10

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Syllabus

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Shahrukh opened a ‘Recurring Deposit’ account in a bank and deposited Rs. 800 per month for 1½ years. If he received Rs. 15,084 at the time of maturity, find the rate of interest per annum.

SOLUTION

Shahrukh deposited Rs. 800 per month for n =

112 years =18 months

∴ Total money deposited 18 x Rs. 800 Rs. 14400

Given that the maturity value = Rs 15084

Intrest paid by the banl

= Maturity Value - Total sum deposited

= 15084 - 14400

= Rs 684

Now

I=P×n(n+1)2×12×r100

⇒684=800×18(18+1)2×12×r100

⇒684×2×12×100800×18×19=r

=> r = 6%

Step-by-step explanation:

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