Question

David open a recurring deposit account in a bank and deposit 300 per month for 2 years. if he received 7725 at the time of maturity, find the rate of interest per annum.

Answer 1

Maturity Value = ₹ 7725
Money deposited = 300 ×24 =₹7200
Total interest = 7725 - 7200 =₹525
Instalment per month(P) = ₹ 300
Number of months (n) = 24
Let rate of interest (r) = r% p.a.
$S.I. \: = \: P× \: \frac{n(n + 1)}{2 \times 12} \times \frac{r}{100} \\ 525 = 300 \times \frac{24(24 + 1)}{24} \times \frac{r}{100 } \\ 525 = 300 \times \frac{600}{24} \times \frac{r}{100} \\ 525 = 75r \\ r = \frac{525}{75} = 7\%$

Answer 2

Step-by-step explanation:

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