Question

deepak opened a recurring deposit account in a bank and deposit rupees 1500 per month for 3 years. if she got 6660 rupees interest the rate of interest was​

Answer 1

Answer:

12.33%

Step-by-step explanation:

1500*12*3=1500*36=54000

We have to find the percentage of 6660 from 54000 which is 12.33%.

So, the rate of interest is 12.33%.

Answer 2

Given :  Deepak opened a recurring deposit account in a bank and deposit rupees 1500 per month for 3 years.  

She got 6660 rupees  interest

To Find : the rate of interest  

Solution:

Rate of interest = 12r  % per annum

rate of interest per month  =  r  % per month

Interest months = n(n + 1)/2  = 36 (37)/2  = 18 * 37

Interest = 1500 * r * (18 * 37) /100  = 6660

=> r * (18 * 37)  = 444

=> r (18)  = 12

=> r = 12/18

=> 12r = 12 * 12 /18

=> r  = 8

Rate of interest = 8 % per annum

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