Question

Ashit has recurring deposit account, he deposits
950.00 per month for a period of 24 months. At
the time of maturity he gets an interest of
2256.25. Find the rate of interest.

Answer 1

Answer:

4.947%

Step-by-step explanation:

GIVEN:-He deposit 950₹per month for 24 months,

Therefore,total money he deposited in 24 months =950 × 24 = 22800₹

hence we know S.I=( P× R× T) /100

P =22800

T=24 months =2 years

let R=r and S.I=2256

then, 2256= (22800×2×r)/100

=45600r/100 =2256

r =(2256×100)/45600

=225600/45600 =4.947

HENCE, RATE=4.947