Question

Ashwin deposited rs. 200 per month for 5 years in a recurring deposit account in a post office. if he received rs. 13,380, then the rate of interest is

Answer 1

Answer:

Rate of interest 2.3%

Step-by-step explanation:

Total A=P(1+rt)

Given A=13380 P(for 5years)=(200*12) *5=12000 t=5

Sub in eqn

13389=12000(1+5r)

On solving, we get r=0.023

r in percent, r=0.023*100=2.3%