Question

amit deposits Rs. 600 in a bank for 18 months in a reccuring deposits account .If he gets Rs.31080 at the time of maturity what is rate of interest

Answer 1

Hello friend

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First write all the given values

Principal (P) = 600

Time (T) = 18 months

Simple Interest = 31080

Rate of Interest (R) = ???


So we have to find the Rate of the Interest.

I am going to give a simple method to find Rate of Interest.

We will use the identity for finding the Rate of the Interest.

R = S.I x 100/P x T

R = 31080 x 100/600 x 18

R = 3108000/10800

R = 287.7 ℅ per annum


I hope this will helps you..

If you have any queries then please ask.

Thanks..

:)