Question

each of A and B opened a recurring deposit account in a bank if he is deposited 1200 per month for 3 years and be deposit 1500 per month for two and a half years find the maturity who will get more amount and by how much the rate of interest paid by the bank is 10% per annum?

Answer 1

A
principal=1200
time =3 years
rate=10%
si=p×r×t/100
si = 1200×3×10/100
si=360
amount = 1200+360=1560
B
p=1500
r=10%
t=2.5 years
si=prt/100
si=1500×10×2.5%100
si=375
amount=1500+375=1875

B gets more amount by 315