Question

Amit deposits ` 1600 per month in a bank for 18 months in a recurring deposit
account. If he gets ` 31,080 at the time of maturity, what is the rate of interest per
annum?

Answer 1

Answer:

I=31080-(1600*18)

I =2,280

2,280=1600*18*19*R/2*12*100

2280= 228R

R=10%

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