Question

Answer Q 3 to 5 using following case: Ashish deposits Rs. 2500 per month for 15 months in a Cumulative Time Deposit Scheme. If the rate of interest be 5.5% per annum, find the amount received at the time of maturity. 3. What is total principal in the above problem​

Answer 1

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R =10%

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Answer 2

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Given, maturity value =66,250, monthly instàllment =2,500, n=2 years =2×12=24 months

Interest = 2400

Pn(n+1)r =2400

255×24×25×r =625r

Therefore, amount =(Pn+625r)

⇒66,250=(2500×24+625r)

⇒66,250=60,000+625r

⇒6250=625r

⇒r=10%

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