Question

Anil opened a recurring deposit account in a bank and deposited Rs . 300 per month for 2 years . If he received Rs . 7740 at the time of maturity . Find the rate of interest p.a.​

Answer 1

Answer:

7 persent p.a

Step-by-step explanation:

Deposit during one month (P) = Rs. 300

Period = 2 years = 24 months.

Maturity value = Rs. 7725

Let R be the rate percent,then

Now Principal for 1 month

P x n (n + 1)

= __________

2

300 × 24 (24 + 1)

= _____________

2

300 × 24 ×25

= ____________

2

= Rs. 90,000

Interest earned

PRT

= ___

100

90,000 × R × 1

= ___________

100 × 12

= 75R

Now 300 × 24 + 75R = 7725

7,200 + 75R = 7725

75R

= 7725 - 7200

= 525

525

____

R = 75

= 7

Rate of Interest = 7 percent p.a.

please mark Me as Brainliest