Question

David opened a Recurring Deposit Account in a bank and deposited ₹ 300 per month for two years. If he received ₹ 7725 at the time of maturity, find the rate of interest per annum.

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Answer 1

Step-by-step explanation:

It is given that

Amount deposited per month = ₹ 300

Period (x) = 2 years = 24 months

Amount received at the time of maturity = ₹ 7725

Consider R as the rate percent

We know that

Total principal for one month = 300 × [x (x + 1)]/ 2

Substituting the value of x

= 300 × (24 × 25)/ 2

By further calculation

= ₹ 90000

Interest = PRT/ 100

Substituting the values

= (90000 × R × 1)/ (100 × 12)

So we get

= 75R

So we get

300 × 24 + 75R = 7725

By further calculation

7200 + 75R = 7725

75R = 7725 – 7200 = 525

R = 525/75 = 7

Hence, the rate of interest is 7% p.a.

Answer 2

Answer:

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