Question

David opened a recurring deposit account in a bank and deposited RS300 per month for two years. if he received RS7725 at the time of maturity, find the rate of interest per annum. if you know the answer then only answer me otherwise I will report it​

Answer 1

Answer:

means it is

$300 \times 2 = 600 = 7725 - 600 = 7125$

Answer 2

Answer:

Maturity value = 7725, P = 300, N = 24

Maturity value = p×n + p×n (n + 1)/2 ×1/12 ×r/100

7725 = 300 × 24 + 300n (n+1)/2 ×1/12 ×r/100

7725 - 7200 = 300×24×25/2 × 1/12 × r/100

525 = 75×r

525/75 = 7

Rate = 7