Question

Easwari deposited Rs.350 per month for 6 years in a recurring deposit account in a post office. If she received Rs.32,865, then the rate of interest is

Answer 1

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Answer 2

The rate of interest is 10%.

Step-by-step explanation:

Given data:

Principle = Rs 350

n = 6 years

  = 6 × 12

n = 72 months

Maturity value = Rs 32,865

rate of interest = ?

Formula for maturity value:

$\text{Maturity value} =\mathrm{Pn}+\mathrm{P} \times \frac{\mathrm{n}(\mathrm{n}+1)}{2 \times 12} \times \frac{\mathrm{r}}{100}$

              $32865=350 \times 72+350 \times \frac{72 (72+1)}{2\times12}\times\frac{r}{100}$

              $32865=25200 +350 \times \frac{72 \times 73}{2\times12}\times\frac{r}{100}$

              $32865=25200+76650\times\frac{r}{100}$

Subtract 25200 from both sides of the equation.

              $7665=76650\times\frac{r}{100}$

Divide by 76650 on both sides of the equation.

             $\frac{7665}{76650} =\frac{r}{100}$

Multiply by 100 on both sides of the equation.

        $\frac{7665}{76650} \times 100=r$

Switch the sides.

 $r=\frac{7665}{76650} \times 100$

r = 10%

Hence the rate of interest is 10%.

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