Question

Each of A and B opened a recurring deposit account in a bank. If A deposit ₹1200 per month for 3 years and B deposit ₹1500 per month 5/2 years; find, on 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 deposit 1200 rupees for 3 years at 10% rate per annum and B deposit 1500 rupees for 5/2 years at 10% rate per annum .
FOR A
PRINCIPAL=1200
TIME=3
RATE=10
S.I=P×R×T÷100
=1200×10×3÷100
=360
FOR B
PRINCIPAL=1500
RATE=10
TIME=5/2
S.I=P×R×T÷100
=1500×10×5÷100×2
=375
THEREFORE B GETS MORE RUPEES THAN A

Answer 2

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