Find the interest earned at 8% sI per annum on a
recurring deposite of Rs 400 per month for one year.
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Answer:
Rs .208
Step-by-step explanation:
sum(p)= Rs.400
Rate of interest(r)= 8%
time(n)=1 year = 12 months
Interest = p×n(n+1)/2×12 × r/100
= 400×12(12+1)/2×12 × 8/100
= 4800×13/2×12 × 2/25
=62400/24 × 2/25
= 2600 × 2/25
= 2600 × 0.08
Interest= Rs 208
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